Nigeria’s refineries lose N14bn in one month

The latest financial and operations report of the Nigerian National Petroleum Corporation (NNPC) has indicated that the amount of crude oil processed by the three Nigeria’s refineries slumped by 224,342 metric tonnes between January and February 2016, The Punch reports.

It also showed the consolidated revenue from the facilities nosedived by N14.17bn, down from N22.41bn generated in January to N8.24bn in February. Nigeria’s refineries include Warri Refining and Petrochemical Company; Kaduna Refining and Petrochemical Company; and Port Harcourt Refining Company. Similarly, the combined operating profit of the three refineries decreased by N4.83bn during the period under review, the report indicated.

Their combined operating profit also dropped to N839.75m in February, as against the N5.67bn profit posted in the first month of 2016. The processing of crude oil by Nigeria’s refineries fell by 87.4 per cent in February when compared to the volume of crude refined by the three facilities in the preceding month. In January this year, the total crude processed by the refineries was 256,676 metric tonnes, but this dropped by 224,342MT or 87.4 per cent to 32,352MT in February 2016. The NNPC attributed the poor performance of the refineries to crude pipeline vandalism.

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