The Digest:
In response to rising concerns over Nigeria's refinery assets, the Nigerian National Petroleum Corporation (NNPC) has confirmed that the Port Harcourt Refining Company (PHRC) will not be sold. NNPC’s Group CEO, Bayo Ojulari, assured that the company is focused on completing high-grade rehabilitation instead of selling off assets.
Key Points:
- NNPC rules out the sale of Port Harcourt Refinery.
- Bayo Ojulari reaffirmed NNPC's commitment to refinery rehabilitation.
- PHRC will undergo advanced technical partnerships for completion.
- Ongoing reviews of all NNPC refineries showed that earlier decisions were flawed.
- Previous attempts to operate PHRC before full rehabilitation were deemed ill-informed.
- Refineries in Port Harcourt, Warri, and Kaduna all require more time to be fully rehabilitated.
- The NNPC aims to position itself as a commercially driven, transparent entity.
NNPC's decision to retain and rehabilitate the Port Harcourt refinery highlights its long-term vision for Nigeria’s energy sector, underlining the importance of infrastructure development rather than quick asset sales. The refinery will be a symbol of the nation’s investment in sustainability and energy resilience.
Sources: Vanguard, Punch, TheCable
