The Nigerian National Petroleum Company Limited (NNPC) has dominated out sale of the Port Harcourt Refining Firm, reaffirming its dedication to finishing high-graded rehabilitation and retention of the plant.
The Group Chief Government Officer (GCEO) of NNPC Restricted, Bashir Bayo Ojulari, introduced this at a company-wide city corridor assembly on Tuesday in Abuja.
Ojulari acknowledged that the place was not a shift. “Somewhat, it’s knowledgeable by ongoing detailed technical and monetary critiques of the Port Harcourt, Kaduna and Warri refineries.”
In keeping with him, the continuing assessment signifies that the sooner determination to function the Port Harcourt Refinery previous to full completion of its rehabilitation was ill-informed and sub-commercial.
He mentioned though progress was being made on all of the three refineries, the rising outlook requires extra superior technical partnerships to finish and high-grade the rehabilitation of the Port Harcourt Refinery, arguing that promoting is very unlikely as it might result in additional worth erosion.
The announcement comes within the wake of widespread speculations following Ojulari’s remarks on the 2025 OPEC Seminar in Vienna, Austria earlier this month, the place he mentioned “all choices are on the desk” throughout an interview with Bloomberg.
The remark sparked hypothesis and headlines about the way forward for the nation’s refining property.
The declaration was applauded by a whole lot of attendees, who described the place as a renewed sense of business-focused route throughout the organisation.
The NNPC mentioned the city corridor served as greater than a efficiency replace but in addition a possibility for candid and constructive engagement.
The chief vice presidents introduced progress reviews from the Upstream, Downstream, Finance, Enterprise Companies, Gasoline, Energy, and New Power companies, highlighting operational achievements, ongoing reforms, and areas requiring consideration.
“The announcement reinforces NNPC’s mandate as a strategic custodian of nationwide power infrastructure and displays a agency resolve to ship the entire rehabilitation and long-term viability of Nigeria’s refineries. It additionally indicators continuity within the federal authorities’s broader power safety goals and a dedication to retaining crucial property underneath nationwide management,” Ojulari mentioned.
In keeping with him, suggestions throughout and after the session revealed a workforce energised and aligned with the management’s imaginative and prescient.
Described as reassuring, transformational, and sustainable, the environment mirrored an optimist outlook amongst staff and offers hope in regards to the firm’s evolving strategic route.
“NNPC will proceed to reposition itself as a commercially pushed, professionally managed nationwide power firm, grounded in transparency, targeted on efficiency, and unwavering in its accountability to its primary stakeholder group, Nigerians,” Ojulari added.
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