NNPC's Bayo Ojulari Rejects Scrap Sale of Refineries

The Nigerian National Petroleum Company Limited (NNPC), under the leadership of Group Chief Executive Officer Bayo Ojulari, announced it will not pursue further rehabilitation of its state-owned refineries without a clear path to profitability. During a media session in Abuja, Ojulari emphasized the need for technical equity partners who would have a stake in the performance of the refineries.

The three state-owned refineries in Port Harcourt, Warri, and Kaduna have historically consumed vast amounts of funds for rehabilitation but have failed to achieve sustained commercial production. Ojulari noted that past rehabilitation models incentivized contractors without aligning their interests with the refineries' commercial success.

He stated that NNPC has stopped using crude oil to fund ineffective rehabilitation efforts. The new strategy aims to ensure that the refineries become self-sustaining and profitable.

NNPC is currently working with prospective partners who have conducted extensive due diligence to achieve these objectives.