The Nigerian National Petroleum Company Limited (NNPCL) on July 30, 2025, refuted rumors that the Port Harcourt Refinery is for sale, with Group Chief Executive Officer Bayo Ojulari issuing a statement denying market speculation.
The 210,000-barrel-per-day facility, rehabilitated since 2019 for $1.5 billion, began partial operations in December 2024, processing 60,000 barrels daily. Ojulari attributed the rumors to misinformation, affirming the refinery’s role in Nigeria’s 1.7 million-barrel-per-day output goal.
The denial follows a ₦100 billion lawsuit withdrawal against regulators in July, fueling speculation of a strategic pivot. Industry analysts suggest the refinery’s 40% capacity utilization and $200 million annual maintenance cost raise privatization debates, but NNPCL insists on public ownership. The narrative of state control is firm, though economic pressures may test this stance long-term.