See why NNPC is considering selling PH, Warri, Kaduna refineries

• The NNPC has revealed that it is considering selling immoderate of its refineries located successful Port Harcourt and Warri
• The Nigerian authorities has spent billions of dollars to rehabilitate the refineries, but determination are present doubts astir whether they volition relation arsenic intended
• The rehabilitation efforts person faced setbacks owed to outdated infrastructure and underperforming technologies

Legit.ng journalist Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), has revealed that determination is ongoing information to merchantability immoderate of the nationalist refineries.

According to him, determination are superior challenges successful getting them to enactment efficiently contempt rehabilitation efforts.

NNPC is considering selling refineries implicit a setback to get it to work. Photo credit: Bloomberg/contributor
Source: Getty Images

Bloomberg reports that Ojulari hinted astatine the determination portion speaking astatine the 9th OPEC International Seminar successful Vienna.

The NNPC brag besides noted that a strategical reappraisal of the refinery operations is presently underway and is expected to beryllium completed earlier the extremity of the year.

He said"

“So we are reviewing each our refinery strategies now. We anticipation that earlier the extremity of the year, we volition beryllium capable to reason that review.That reappraisal whitethorn pb america to doing things somewhat differently.”

When asked whether a merchantability of refineries was connected the table, Ojulari said:

“Sale is not retired of the question. All the options are connected the table, to beryllium frank, but that determination volition beryllium based connected the result of the reviews we’re doing now.”

Nigeria spends billions connected refinery rehabilitation

Nigeria has been moving to revive its long-idle state-owned refineries successful Port Harcourt, Warri and Kaduna, Punch reports.

The Port Harcourt plant, which concisely restarted successful November 2023 aft years of inactivity, was unopen again in May 2025 for maintenance.

Ojulari explained that the rehabilitation effort has been affected by ageing infrastructure and underperforming technologies.

He added:

“Over the past respective years, we’ve invested heavy and introduced assorted technologies, but immoderate person not delivered the expected results. "What we’re discovering is that the process is much analyzable than initially anticipated.”

Bayo Ojulari is considering the merchantability of NNPC refineries Photo credit: NNPC
Source: Twitter

Crude lipid accumulation targets

He besides spoke connected the precocious lipid accumulation costs successful Nigeria, which helium attributed to information expenses

NNPC brag stated that Nigeria’s operating outgo per tube ranges betwixt $25 and $30, with pipeline extortion accounting for a important share.

“For the outgo of crude production, there’s a superior outgo and determination are the operating costs. “The operating outgo close present successful Nigeria is hovering implicit $20 per barrel, which is rather high.“Part of that is due to the fact that of the concern we’ve had to marque successful presumption of information of our pipelines, which, arsenic you know, contiguous we person 100 per cent availability of our pipelines. That came retired of important investment.“So we judge with time, with stability, that outgo volition commencement going down, but for present it’s determination betwixt $25 and $30 a barre."

Despite the setbacks, Ojulari said NNPC is targeting an summation successful Nigeria’s lipid output to 1.9 cardinal barrels per time by year-end.

Dangote explains wherefore Nigeria's 3 Refineries volition not enactment again

Earlier, Legit.ng reported that Aliko Dangote has explained wherefore helium believes the Nigeria 3 refineries whitethorn ne'er enactment again, nary substance the magnitude of money invested by the government.

Nigerian Billionaire besides shared his communicative of however helium astir purchased the NNPCL refineries

Reports corroborate that implicit $18 cardinal was allocated and released for the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.

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Source: Legit.ng