Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) says the corporation has decided not to sell the Port Harcourt refining company.
Ojulari said NNPCL is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.
He spoke in Abuja on Wednesday during a company-wide town hall meeting held at the NNPC Towers.
The announcement regarding the future of the nation’s most significant state-owned refining asset, has put an end to weeks of speculation.
“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,” Ojulari is quoted as saying in a statement.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
