Nigeria, July 30 -- The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports of selling the Port Harcourt Refining Company, pledging instead to fully rehabilitate and retain the state-owned facility.

Group CEO Bayo Ojulari made the announcement during a company-wide town hall meeting in Abuja, ending weeks of speculation over the refinery's future.

In a statement made available to The News Chronicle, NNPC said an ongoing review showed that earlier plans to operate the plant before completing its overhaul were "ill-informed and subcommercial."

The company stressed that selling the refinery would worsen value erosion and emphasized the need for stronger technical partnerships to complete the project.

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