The Nigerian National Petroleum Company (NNPC) Limited is evaluating the potential sale of the country’s four state-owned refineries following years of unsuccessful rehabilitation efforts.
The refineries, with a combined capacity of 445,000 barrels per day, have remained largely non-functional despite massive investments.
Between 2021 and 2023, NNPC spent $3 billion attempting to revive the aging facilities – the 61-year-old Port Harcourt refinery, 46-year-old Warri refinery, and 44-year-old Kaduna refinery.
While the Port Harcourt facility briefly resumed operations in late 2023 after a $1.5 billion overhaul, it shut down again in May 2025 for maintenance. The other two refineries remain under rehabilitation with no clear timeline for completion.
NNPC Group CEO Bayo Ojulari disclosed the potential divestment during an OPEC event in Vienna, citing persistent technical challenges with the long-dormant infrastructure. The company is conducting an internal review of its refinery strategy, with conclusions expected by year-end that could lead to a change in direction.
The consideration comes amid growing scrutiny of NNPC’s refinery expenditures. National Assembly records show the company spent over N11.35 trillion (approximately $25 billion) on the facilities over a decade with little operational improvement to show for it.
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