The Nigerian National Petroleum Company Limited (NNPCL) has ruled out the sale of the Port Harcourt Refining Company, Dockaysworld reports.
The announcement was made during a town hall meeting held at the NNPC Towers in Abuja on Wednesday.
According to Group Chief Executive Officer, Mr. Bayo Ojulari, the Port Harcourt refinery will not be privatized but instead undergo a comprehensive and technically advanced rehabilitation process aimed at restoring it to optimal production capacity. He stressed that efforts to partially resume operations before completing the full rehabilitation had proven “ill-informed and subcommercial,” and would no longer be pursued.
A statement issued by the company following the meeting noted, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”
The ongoing rehabilitation, which began in 2021 under the administration of former President Muhammadu Buhari, was being executed in phases and involves Italian firm Tecnimont, a subsidiary of the Maire Tecnimont Group.
The contract, then was valued at $1.5 billion.
Port Harcourt refinery comprises two units: an older plant commissioned in 1965 with 60,000 bpd capacity, and a newer one built in 1989 with a capacity of 150,000 bpd. Together, they form the largest state-owned refining complex in the country.
