Nigeria’s Refineries suffer 13 month loss of N104.3bn, refine zero oil.

Written by on August 1, 2021

A total loss of N104.3bn was recorded by Nigeria’s refineries in 13 months, even as the
facilities refined no crude oil throughout the period, the latest report released by the Nigerian National Petroleum Corporation showed.

An analysis of the updated consolidated refinery financial performance from February 2020 to February 2021 showed that the plants maintained losses monthly.

The NNPC manages Nigeria’s refineries, namely Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

Figures from the corporation showed that the monthly operating expenditures of the refineries surpassed their revenues all through the 13-month duration.

In February, March, April, May, June, July and August 2020, the consolidated losses of the refineries were N9.36bn, N10.3bn, N9.69bn, N9.55bn, N10.23bn, N9.1bn and N7.1bn respectively.

In September, October, November and December 2020, the facilities posted cumulative losses of N7.04bn, N5.49bn, N5.99bn and N8.28bn respectively.

Their consolidated losses continued in 2021, as they lost N5.37bn and N6.88bn in January and February this year, being the most recent update from the corporation.

This came as the oil firm’s latest report further showed that all through these months, the refineries were unable to refine crude oil.

Providing an explanation for this, it said, “In February 2021, the three refineries processed no crude and combined yield efficiency is 0.00 per cent owing largely to ongoing rehabilitation works in the refineries.

Credit: Punch

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