By John Umeh
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has officially dismissed widespread speculation suggesting that the Port Harcourt Refinery is up for sale. In a firm statement released on Wednesday, the state-owned oil company clarified that the refinery remains a strategic national asset and is not being considered for privatization or divestment.
The clarification comes amid growing rumors and misleading reports circulating on social media and various online platforms, alleging that the federal government had concluded plans to sell off the long-dormant refinery as part of broader economic reforms. These claims sparked public concern, especially among stakeholders in the oil and gas industry and residents of the Niger Delta region.
Reacting to the reports, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, described them as entirely false and unfounded. “NNPC Ltd. wishes to categorically state that the Port Harcourt Refining Company is not for sale. The public is advised to disregard any claims suggesting otherwise,” the statement read.
He further explained that the Port Harcourt Refinery is currently undergoing a major rehabilitation process, which has reached an advanced stage. The effort is part of NNPC’s broader commitment to revamp Nigeria’s moribund refineries and reduce the country’s dependence on imported petroleum products.
“NNPC remains focused on completing the rehabilitation of the refinery and restoring it to full operational capacity. The project is progressing steadily and aligns with President Bola Tinubu’s agenda to achieve energy self-sufficiency and strengthen domestic refining capacity,” Soneye added.
The Port Harcourt Refinery, comprising two units with a combined refining capacity of 210,000 barrels per day, has been non-operational for several years due to aging infrastructure and years of underinvestment. However, in 2021, the federal government approved a $1.5 billion rehabilitation contract for the facility, awarded to Italian firm Tecnimont, with completion timelines split into phases.
The NNPC also reaffirmed its commitment to transparency and accountability, urging the public to rely only on official communication channels for accurate information regarding national assets and company operations.
The statement appears aimed at calming public anxieties and dispelling any notions of a silent privatization agenda. For many Nigerians, the refinery symbolizes both national pride and economic potential, especially amid the ongoing challenges of fuel subsidy removal and high pump prices.
As work continues on reviving Nigeria’s refining sector, the NNPC reiterated that its goal is to transform the nation from a net importer of refined petroleum products into a self-sufficient and export-capable economy.
With this latest announcement, the national oil company seeks to draw a clear line between factual developments and politically motivated rumors, reassuring citizens that the Port Harcourt Refinery remains firmly in public hands.
