By Eteteonline
According to Engr. Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, the Port Harcourt Refinery and Petrochemical Company’s reopening was a massive waste of the nation’s resources.
Speaking at the 2026 Nigerian International Energy Summit, Ojulari claimed that the national oil firm is now unable to run refineries profitably.
He pointed out that sufficient funding, capable Engineering, Procurement, and Construction (EPC) contractors, as well as effective operations and maintenance capabilities, are necessary for refineries to operate efficiently. At the NNPC, these conditions were deficient.
After almost three years of renovation and at a cost of $1.5 billion, the Port Harcourt Refinery reopened in November 2024 under the direction of former NNPC GCEO Mele Kyari. However, because of significant financial losses, it was shut down in May 2025. In just five months, the Nigerian government was estimated to have lost more than $249.7 million.
According to the NNPCL, the resurrected plant was generating at least 1.4 million liters of petrol per day and had a production capacity of 60,000 barrels.
According to Ojulari, it became clear that the refinery was losing a significant amount of money after months of analyzing its operations.
He asked how the refinery was still losing money even though it was receiving a steady supply of petroleum.
Ojulari stated that in order to run the nation’s refineries, NNPC is currently looking for trustworthy partners with a track record of success in refinery management.
He claimed that the Dangote Refinery’s successful completion and functioning had lessened the need for hasty choices about the revival of government-owned refineries.
Despite not generating a single liter of petrol, the NNPC has spent billions of naira on annual turnaround maintenance because of corruption and poor management.
Add comment