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Stats: 515,949 members, 41,371 Topics. Date: December 9, 2019, 4:25 pm

Refineries Lost N77.15bn In Six Months - NNPC

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Federal Government-owned refineries located in Port Harcourt, Kaduna and Warri lost N77.15bn in the first six months of the year, the Nigerian National Petroleum Corporation has said.





The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday.

The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each.

The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

They lost N8.362bn in January; N10.26bn in February; N16.04bn in March; N11.44bn in April; N13.63bn in May, and N17.42bn in June.

Kaduna refinery, which was idle during the six-month period, lost N30.1bn, the NNPC said.

Warri lost N23.87bn as it did not process any crude oil in April and June, while Port Harcourt refinery recorded a deficit of N23.17bn as it was idle in January, April, May and June.

The NNPC said it had been adopting a merchant plant refineries business model since January 2017.

It said, “The combined value of output by the refineries (at import parity price) in June amounted to N2.01bn while the associated crude plus freight costs and operational expenses were N6.34bn and N13.10bn respectively. This resulted in an operating deficit of N17.42bn.

“The lower operational performance recorded is attributable to the ongoing revamping of the refineries which is expected to further enhance capacity utilisation once completed.”

The Group Managing Director, Nigerian National Petroleum Corporation, Mr Mele Kyari, said in August at an industry event that the corporation was committed to revamping the nation’s 445,000-bpd refineries to enable them “work to an appreciable level or capacity.”

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How is it being lost Asin how are they losing the money

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That's a huge loss. So serious

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Ole people don theft no eh again, thanks for the post

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[ @smart-id: ] That's a huge loss. So serious

too huge

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This refineries get plenty money which dem dey troway anyhow

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what is making the refineries idle

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dont worry dangote will soon finish his own may be by 2020.

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This one na another scame

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No be all the time money dey loss for NNPC... No be news again joor

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how is the said money loss in the said sector generated? some simpler explanation on how such loss is incurred could help...

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Why this huge loss ? What really happened ? It's just too much.

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That is very huge amount, does people are just looted our money.

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Hsvflr todhev. Osbegznwlsvsoeb

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U people that know how much we loss should explain how will lose the money.

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A young vibarant student of fed poly idah

[ @rotimifemi: ] How is it being lost Asin how are they losing the money

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you people are stated again lies to steal our money explain how you lost that type of money

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I am very gentle soul business man am a great man business

[ @iamND: ] How is it being lost Asin how are they losing the money

abi o

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that's a huge amount of money they lost

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i hope all forms of inconsistencies leading to such loss is looked into and fixed.

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The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday.

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It's a company the will recover the lost

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Making money is my priority....
I Activated my Affiliate package am earning big now
You're just started, useless people

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governmemt to take decision on it

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Please kindly upgrade the current refinary capacity and stop complaining

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Which kind talk be that one to loss that kind amount

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Why won't they loss money wen they are sub standard

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Menh that's a hug amount of money to disappear like that

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the way we loose money in this country..we all need a better well equiped refinery to begin with.

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exjam 08 set
Where are we going in this Nigeria self

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This refineries get plenty money which dem dey troway anyhow

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