Nigeria Refineries Gulped N81.41bn In Eight Months, Refined Zero Crude, NNPC Data Revealed
LAGOS NOVEMBER 23RD (NEWSRANGERS)-A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed.
Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period.
With a revenue of N6.54bn and a total expense of N81.41bn, the facilities ended up with a deficit of N78.87bn, according to figures contained in the just-released August 2020 report of the NNPC.
Further analysis of figures from the latest report, as well as those earlier released by the corporation, showed that the revenue, expense and deficit of KRPC during the period under review were N6.22bn, N33.61bn and N27.39bn respectively.
PHRC posted a revenue, expense and deficit of N61m, N25.57bn and N25.51bn respectively from January to August 2020.
Similarly, WRPC earned a revenue of N257m, incurred an expense of N22.23bn and posted a deficit of N21.98bn during the same period.
It was further gathered that for 13 straight months, the facilities had been running without refining any volume of crude oil.
Data from the consolidated refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.
With a cumulative plant capacity of 445,000 barrels per day, the facilities posted a capacity utilisation of zero per cent all through the 13-month period.
However, the volume of crude they recorded as closing stock between August 2019 and August this year was 3.78 million metric tonnes.
For several years, Nigeria has been importing the bulk of its refined petroleum products as a result of the inability of its refineries to refine crude oil produced within the country.
Business Insight
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Posted by News Rangers
on Nov 23 2020. Filed under Business, National.
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