Thebridgenewsonline No 1 News portal
NNPC refineries idle for 19 months, record N177.21bn loss
In 19 straight months of not processing any barrel of crude oil, the government-owned refineries in Nigeria recorded a total loss of N177.21bn, the latest data from the Nigerian National Petroleum Corporation have shown.
An analysis of data collated from NNPC’s monthly reports revealed that all the refineries did not refine crude oil from July 2019 to January 2021.
…In 2019, Kaduna Refining and Petrochemical Company Limited only processed crude in one month (June); Port Harcourt Refining Company Limited in two months (February and March); and Warri Refining and Petrochemical Company Limited in four months (January, February, March and May).
The Kaduna refinery incurred an operating deficit of N64.84bn from July 2019 to January 2021, according to the NNPC data.
The Port Harcourt refinery lost N57.07bn in the period under review while the Warri refinery lost N55.30bn.
“The declining operational performance is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilisation once completed,” the NNPC said in its latest monthly report.
