Nigeria Loses N96bn From Refineries In Nine Months

NNPC, Others To Erect Oil, Gas Research Facilities Nationwide
NNPC GMD, Maikanti Baru. Image: Pulse NG

The Federal Government-owned refineries lost N96.34bn from January to September 2018 as against N95.09bn in 2017, says the Nigerian National Petroleum Corporation (NNPC).

Nigeria has the Port Harcourt, Kaduna and Warri refineries with a combined installed capacity of 445,000 barrels daily.

However, these refineries have operated below capacity for several years.

A breakdown of the loss shows that N13.58bn was lost in January; N8.05bn in February; N11.88bn in March; N20.08bn in May; N14.51bn in June; N10.45bn in July; N10.79bn in August, and N6.97bn in September.

According to the figure by the NNPC, the three refineries made a profit of N928.81m in April for the first time in 10 months.

And for the first time in 2018, the refineries could not process a barrel of crude oil in September.

“In September 2018 there was no crude processed by the three domestic refineries as against the 56,804 metric tonnes processed in the preceding month,” the NNPC said.

“This translates to nil combined yield efficiency as against the 80.74 per cent in August 2018.”

“Only Warri and Kaduna refineries produced 1,279MT of finished petroleum products and 16,452MT of intermediate products out of the 1,279MT of crude processed at zero combined capacity utilisation, compared to 3.02 per cent combined capacity utilisation achieved in August.

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

It added that “In September 2018, a total of 1.66 billion litres of PMS translating to 55.50 million litres per day were supplied by the NNPC.

“The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit to achieve a seamless distribution of petroleum products and zero fuel queue across the nation.”

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