It’s All Losses For NNPC Since January
When Ibe Kachikwu assumed the leadership of the Nigeria National Petroleum Corporation, NNPC in 2015, he set out to make NNPC a profitable venture.
Some measures were immediately put in place to realise that target - mission Unbundlling NNPC began.
But it appears that more than 2 years after the corporation has made little progress in that regard.
An analysis of the latest monthly oil and gas sector report has shown that NNPC continues to record losses on monthly basis since the beginning of this year.
This is even as it also revealed that the corporation’s combined performance, with respect to capacity utilisation, has dropped by 44.87%.
Figures from the June 2017 financial and operations report, which was released on Friday, showed that the corporation lost 5.2 billion naira in June, while its year-to-date loss increased to 48.02 billion naira.
On their consolidated operational performance, the refineries’ capacity utilisation dropped from 23.09% in May 2017, to 12.73% in June.
The report also indicated that Nigeria’s refineries: the Warri Refining and Petrochemical Company, Port Harcourt Refining Company, and Kaduna Refining and Petrochemical Company; processed 434,419.2 metric tonnes of crude in May, but this reduced to 231,836 MT in June, despite receiving 753,548 MT of crude in the month under review.
Their consolidated percentage loss also increased to 2.44% in June, as against the 2.05% that was recorded in the previous month.