The Nigerian National Petroleum Company Limited (NNPC Ltd) has walked back on its words, ruling out the sale of the Port Harcourt Refining Company barely few days after admitting the possibility of selling the assets.
The Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, disclosed this during a company-wide town hall meeting on Tuesday at the NNPC Towers in Abuja.
He made a clarification that the decision is not a change of stance but is based on detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
Ojulari noted that the earlier move to restart operations at the Port Harcourt refinery before completing its full rehabilitation was “ill-informed and sub-commercial.”
He stated that progress is ongoing across all three refineries but stressed that the current outlook requires more advanced technical partnerships to fully rehabilitate and upgrade the Port Harcourt facility.
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