The Nigerian National Petroleum Company Limited (NNPCL) is to be listed on the Nigerian stock Exchange (NGX) by 2028.
Bayo Ojulari, its Group Chief Executive Officer [GCEO], disclosed this in an interview with Bloomberg on the sidelines of the just concluded 9th OPEC International Seminar in Vienna, Austria.
He said the NNPCL was considering the sale of the Port Harcourt, Warri, and Kaduna refineries.
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The NNPCL boss said the country had invested heavily in the refineries without seeing any tangible results and expressed pessimism over their further functionality.
He spoke about the company’s strategic review of NNPCL’s refinery operations, which is underway and expected to be concluded before the end of the year.
“We’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.
“What we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.
“On refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies, but we’ve been challenged.
“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated,” he said.
