Nigeria’s Refineries Lost 96 Billion Naira In 9 Months – NNPC
Nigeria has refineries in Port Harcourt, Kaduna and Warri. The refineries have a combined installed capacity of 445,000 barrels per day.
But over the years, the refineries have continued to operate far below the installed capacity.
Between January and September this year, the refineries lost 96.34 billion naira.
This is compared to a loss of 95.09 billion naira recorded in the whole of 2017.
According to latest data from the Nigerian National Petroleum Corporation, NNPC a total of 13.58 billion naira was lost in January; 8.05 billion naira in February; 11.88 billion naira in March; 20.08 billion naira in May; 14.51 billion naira in June; 10.45 billion naira in July; 10.79 billion naira in August, and 6.97 billion naira in September.
Meanwhile, the refineries did make a profit of 928.81 million naira in April for the first time in 10 months.
The three refineries, for the first time since the beginning of this year, were unable to process a barrel of crude oil in September.
It was also observed that the consolidated plant consumption of crude oil for the refineries crashed from the 12.22% recorded in August to zero per cent in September this year.
Their consolidated capacity utilisation dropped from 10.89% recorded in January to zero per cent in September.
Yet, Nigeria plans to end fuel importation by 2019.
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