Nigeria, July 30 -- The Nigerian National Petroleum Company Limited (NNPC) said it has officially ruled out the sale of the Port Harcourt Refining Company.

In a statement on Wednesday, the NNPC said its Group Chief Executive Officer, Bayo Ojulari, made the announcement at a company-wide town hall meeting in Abuja on Tuesday.

"The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-graded rehabilitation and retention of the plant," the statement said.

Mr Ojulari stated that the position isn't a shift; rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refiner...