News
NNPC Cuts Losses In Four Refineries By 53%
The Nigerian National Petroleum Corporation (NNPC) has cut down losses by 53 per cent in the first 10 months of 2020, due to none production in the nation’s four refineries, according to data obtained from its October 2020 Monthly Financial and Operations Report (MFOR).
The data, showed that the Operational Expenses (OPEX), stood at N85.75billion in the first 10 months, thus, indicating a drop of 53 per cent, compared to N122.96billion recorded in the corresponding period of 2019.
The refineries are Warri Refining and Petrochemical Company (WRPC), located in Warri, Delta State, Kaduna Refining and Petrochemical Company (KRPC), located in Kaduna, Kaduna State, and Port Harcourt Refining and Petrochemical Company (old and new), located in Port Harcourt, Rivers State.
A closer look at data from NNPC’s report showed that in October, 2020, the refineries recorded N5.49billion deficits, a drop of 53.13 per cent, compared to N11.715billion recorded in October, 2019.
For September, 2020, the total loss was N5.398billion, down 23.69 per cent, from the N7.074billion recorded in September, 2019.
In August, 2020, the refineries recorded N7.087billion losses, compared to N13.208billion losses reported for August, 2019, a fall of 46.54 per cent.
Data for July, 2020, showed that the refineries recorded a total loss of N9.051billion, down by 34.57 per cent, when compared to N13.834billion in July, 2019.
In June, 2020, the losses were N10.231billion, down 41.26 per cent, compared to N17.419billion recorded in June, 2019.
In May, 2020, the losses were N9.545billion, a drop of 29.93 per cent, from N13.623billion losses recorded in May, 2019.
Also, a combined loss of N9.686billion was reported for April, 2020, a 15.31 per cent drop from the N11.438billion loss recorded in the corresponding month of 2019.
In March, 2020, the total losses were N10.302billion, compared to N16.034billion losses recorded in March, 2019, down 35.74 per cent.
For February, 2020, the three refineries recorded a total loss of N9.362billion, down 8.73 per cent from the N10.258billion loss recorded in February, 2021.
In January, 2020, NNPC reported that the three refineries recorded N9.6billion losses, up 14.83 per cent from N8.36billion reported for January, 2019.
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension