The Nigerian National Petroleum Company (NNPC) Limited has disclosed plans to collaborate with an experienced refinery operator as part of efforts to revive the country’s struggling refining sector.
Group Chief Executive Officer, Mr. Bayo Ojulari, revealed this during a meeting with members of the National Executive Council (NEC) of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPC Towers, Abuja.
Ojulari explained that the company had completed technical assessments on Nigeria’s three refineries and concluded a commercial review of the Port Harcourt Refinery, which underscored the need for a fresh operational model.
“The solution being proposed aligns with our current strategy. We have finalized the technical review of the refineries, and from the commercial review of Port Harcourt, it became evident that we need a professional refinery partner to ensure efficiency and sustainability,” he said.
According to him, years of neglect and poor maintenance had left the refineries unprofitable, with the facilities recording monthly losses of between N300 million and N500 million.
“We were supplying around 50,000 barrels of crude daily but achieving less than 40 percent output. To avoid continuous losses, we suspended operations to seek a viable path forward,” Ojulari added.
He emphasized that President Bola Tinubu had not interfered politically in the process, stressing that all efforts were geared towards building a long-term sustainable system.
Ojulari also addressed calls for his removal and protests within the company, noting: “There is a coordinated effort to discredit me, and staff morale has been affected. However, our focus remains on delivering our mandate.”
On his part, PENGASSAN President, Festus Osifo, commended NNPC’s progress in pipeline security and oil production growth under Ojulari’s leadership. He noted that Nigeria is currently producing 1.8 million barrels per day, with a target of 2.6 million barrels by 2026 once non-producing oil fields are revived.
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