NNPC Considers Selling Refineries as Repairs Stall

The Nigerian National Petroleum Company Limited (NNPCL) is weighing the possibility of selling its refineries in Kaduna, Warri, and Port Harcourt, citing escalating complications in ongoing repair efforts. This was revealed by the Group Chief Executive Officer, Mr. Bayo Ojulari, during an interview in Vienna, Austria.

Ojulari stated that the government is keeping all options open regarding the future of the refineries. “Sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.

He acknowledged that despite significant investments and the introduction of new technologies over recent years, the challenges have persisted. “Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated,” Ojulari explained.

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The announcement comes after prominent figures such as Aliko Dangote expressed skepticism about the refineries’ prospects, and former President Olusegun Obasanjo criticized the lack of results despite over $2 billion spent on turnaround maintenance in recent years.

Ojulari assured that a comprehensive review of refinery strategies is underway and that a decision is expected before the end of the year. “That review may lead to us doing things slightly differently,” he concluded.