Refineries Fail To Account For N2.44bn Crude -NNPC

Authorities of the Nigerian National Petroleum Corporation (NNPC), have disclosed that the nation’s refineries wasted or illegally disposed of 258,810 barrels of crude which they received for processing in April and May this year.
Petroleum information report shows that the refineries received the crude oil for the two months, but failed to produce any refined product during the period.
According to the report obtained on Friday, the Port Harcourt Refinery Company, Kaduna Refining and Petrochemical Company Limited and Warri Refining and Petrochemical Company Limited, which received the crude, could not account for the supplies for the period.
The corporation stated in the report that the refineries received 204.720 barrels of crude in April and failed to churn out anything for the month.
It also showed that Warri Refining and Petroleum Company which got 54,090 barrels of crude in May, did not also process anything for the month.
As of Friday, the price of crude oil was $47.96 per barrel and going by this, the cost of the 258.810 barrels of crude oil supplied to the refineries in the two months amounts to $12.41 million.
The report stated that in April, the three refineries received 204,720 barrels of crude oil and had total opening stock of 1.164 million barrels of crude.
In the same month, the total crude available for processing was given as 1.369 million barrels, but nothing was processed by the national oil firms in April, the NNPC report stated.
While detailing the operations of the refineries and their various crude balance for April, the NNPC said, “This month 204,720 barrels of crude oil and slop was received by the three refineries, KRPC, PHRC and WRPC.”
With an opening stock of 1.164 million barrels, the total crude oil available for processing was 1.369 million barrels out of which zero barrel was processed. The respective average capacity utilization during the month was 0.00 per cent, 0.00 per cent and 0.00 per cent and 0.00 per cent for the KRPC, PHRC and WRPC respectively.”
It said although only the WRPC received crude, 54,090 barrels in May, the Warri Refinery and Port Harcourt Refinery had combined opening stock of 484,240 barrels of crude for the month under review.
The volume of crude that was available to them for processing was 538,330 barrels, out of which nothing was processed.