The Nigerian National Petroleum Company Limited (NNPCL) 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.
The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Ojulari, announced this during a town hall on Tuesday at the NNPCL Towers, Abuja.
He stated that the position was not a shift, but rather informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before full completion of its rehabilitation was ill-informed and sub-commercial, Ojulari said.
Although progress is being made on all three, he noted that the emerging outlook called for more advanced technical partnerships to complete and high-grade the rehabilitation of the refinery.
