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Nigeria has exported a total of 399,428.9 metric tonnes (mt) of refined petroleum products from the Port Harcourt Refining Company (PHRC) and the Warri Refining and Petrochemical Company (WRPC), as the Nigerian National Petroleum Company Limited (NNPCL), yesterday, said it has suspended the sale of the Port-Harcourt Refinery.
According to internal documents reviewed by The Guardian, the products were exported through different cargoes and a mix of indigenous and international traders between December 2024 and July 2025.
The bulk of the exports, comprising 271,868.2 metric tonnes of Low Pour Fuel Oil (LPFO), were shipped out from PHRC between December 2024 and July 2025.
The exports spanned 13 separate consignments, with the largest single shipment recorded on May 2, 2025, amounting to over 30 million metric tonnes.
In addition, 107,296.2 metric tonnes of Naphtha were exported from the PHRC across five shipments. Four of these shipments were completed between March and June 2025, while the fifth, a 30,000-tonne consignment, was, according to the documents, yet to be assigned a bill of lading date, indicating it may still be pending dispatch.
Meanwhile, the WRPC contributed a further 20,864.4 metric tonnes of LPFO exports across three consignments in February 2025. Offtakers for the exports operated within scheduled laycan periods spread across multiple months.
The Group Chief Executive Officer (GCEO) of NNPCL, Bashir Bayo Ojulari, in a statement yesterday, following a town hall meeting, clarified that the decision not to proceed with sales of the refinery was not a change of stance but was based on detailed technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.
This comes after The Guardian, on Monday, detailed the implications of selling the refinery and the existing liabilities of the assets. Ojulari explained that the earlier move to restart operations at the Port Harcourt refinery before completing its full rehabilitation was “ill-informed and sub-commercial.”
He said progress is ongoing across all three refineries, stressing that the current outlook requires more advanced technical partnerships to fully rehabilitate and upgrade the Port Harcourt facility.
According to him, selling the refinery would lead to further value erosion and is not being considered. The announcement follows public speculation after Ojulari’s remarks at the 2025 OPEC Seminar in Vienna, where he said that “all options are on the table” during a Bloomberg interview. His statement had sparked concerns about possible asset sales.
Ojulari acknowledged past challenges and outlined a roadmap for completing the refinery projects. He reaffirmed NNPCL’s role as a strategic custodian of national energy infrastructure and said the company would continue to operate as a commercially driven and professionally managed energy firm committed to transparency and performance.
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