Nigerian govt mulls sale of NNPCL refineries

The Federal government has hinted at the possibility of selling the Nigerian National Petroleum Company Limited refineries, including the Port Harcourt, Warri and Kaduna refineries.

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this during an interview with Bloomberg TV at a recent event in Abu Dhabi.

Verheijen said the Nigerian government has not ruled out the refineries’ sale.

“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen said.

The plants have largely been sustained by subsidies. “But now that we’ve removed the subsidies, we’ve removed the distortions in that market,” she said.

According to Verheijen, the government’s reform agenda under President Tinubu aims to restore market efficiency and transparency, ensuring that the petroleum sector operates on purely commercial terms.

Recall that in May this year, NNPCL announced the shutdown of the Port Harcourt refinery for routine maintenance.

In an update recently, NNPCL Group Chief Executive Officer Bayo Ojulari said the state-owned oil firm is seeking technical equity partners capable of managing and operating the Port Harcourt, Warri, and Kaduna refineries at international standards.