The group chief executive officer of the Nigerian National Petroleum Company Limited (NNPC), Mr Bayo Ojulari, has blamed the woes of the Port Harcourt Refining Company (PHRC) on its hasty reopening.
Ojulari made the declaration yesterday during a company-wide town hall meeting held at the NNPC headquarters in Abuja.
The NNPC boss said in a statement that a review showed that the decision to reopen the facility ahead of its full completion was ill-informed.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial.
“Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery,” he said.
Ojulari, however, ruled out selling the asset.
‘Selling is highly unlikely as it would lead to further value erosion. The Nigerian National Petroleum Company Limited (NNPC) Ltd 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,” he stated.
He added that the position of the national oil company is not a shift, but informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
The statement said Ojularis’s decision to retain the refinery was “received with applause from hundreds of staff attendees who described the position as a renewed sense of business-focused direction across the organisation.’’
“The town hall served as more than a performance update; it was an opportunity for candid and constructive engagement. The executive vice presidents presented progress reports from the upstream, downstream, finance, business services, gas, power, and new energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.
“In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.
“The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.
“It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.
“Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision.
Recall that the federal government had in April 2021, awarded a $1.5 billion contract to the Italian company, Marie Technimont, for the rehabilitation of the refinery.
In December 2023, NNPC management, led by its then group chief executive officer, Mr Mele Kyari, declared that the refinery had reached 88 per cent completion and was scheduled for full operation after a mechanical completion by the end of the year.
In November 2024, the company announced that it had begun trucking out petroleum products from the facility.
However, in May 2025, it announced a shutdown of the facility for maintenance.
