In a decisive move, the Nigerian National Petroleum Company Limited (NNPCL) has announced it will not sell the Port Harcourt Refining Company, opting instead for a comprehensive rehabilitation to ensure its sustained operation.
During a town hall meeting at NNPC Towers in Abuja, Group CEO Bayo Ojulari addressed employees, putting an end to weeks of speculation about the future of the state-owned refinery, Nigeria’s largest.
NNPCL’s official statement emphasized, “The company has firmly dismissed any plans to sell the Port Harcourt Refining Company. Our focus is on completing a high-quality rehabilitation and retaining this critical asset.”
The statement also noted that a prior decision to operate the refinery before completing its rehabilitation was deemed premature and financially unsound.
While progress continues on all fronts, NNPCL is now seeking advanced technical partnerships to enhance and finalize the refinery’s overhaul.
“Selling the refinery is not an option, as it would result in significant value loss,” the statement concluded.
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