Niger Delta
Refineries Lose N20bn In One Month -NNPC
The nation’s refineries, which have been operating below their installed capacities for many years, made a record loss of N20.08bn in May, the highest in at least three years.
The plants are the Warri Refining and Petrochemical Company, the Port Harcourt Refining Company and the Kaduna Refining and Petrochemical Company.
The refineries, which lost a total of N80.21bn from July 2017 to March 2018, posted a profit of N928.81m in April, according to the Nigerian National Petroleum Corporation.
The NNPC, in its latest financial and operations report of the Nigerian National Petroleum Corporation obtained by our correspondent, said Port Harcourt refinery lost N8.69bn, while Warri posted a loss of N7.16bn.
Kaduna refinery, which was idle in May, recorded a deficit of N4.22bn, the data showed.
Total crude processed by the WRPC and the PHRC in May was 378,634 metric tonnes, translating to a combined yield efficiency of 91.42 per cent as against the 58.73 per cent in April.
The NNPC said the three refineries produced 214,328MT of finished petroleum products and 131,810MT of intermediate products out of the 378,634MT of crude processed at a combined capacity utilisation of 20.12 per cent, compared to the seven per cent achieved in April.
It attributed the increase in operational performance to the ongoing revamping of the refineries, which it said would further enhance capacity utilisation once completed.
The corporation said it had been adopting a merchant plant refineries business model since January 2017.
Niger Delta
C’River Bans VIOs From Road Operations
Niger Delta
A’Ibom Community Seeks Govt Recognition For Elected Village Head
Niger Delta
Delta Unveils World Book Day Festival
-
News5 days agoDon Savours Inaugural Lecture Presentation, Commends VC
-
News17 hours agoPolice Arrest Nigerian, Two Others For Kidnapping In Edo
-
Business7 hours agoNigeria, AFC sign $1.3 billion deal to build alumina refinery
-
Nation18 hours agoPerm Sec Explains Success Of FGM Elimination Programme In Rivers
-
News17 hours agoNDLEA Arrests Ex-Councillor With 40kg Skunk, Recovers Drugs In Diapers
-
Rivers6 hours agoLGSC Boss Commits To Better Service Delivery
-
Rivers6 hours agoKENPOLY Rector Promises To Prioritise Students’ Welfare
-
Rivers6 hours agoADIAFRICA Flags-off Free Eye Screening Outreach In PH
