NIgerian Refineries Lose N14bn In One Month

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

The financial report also showed the consolidated revenue from the facilities nosedived by N14.17bn.

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.

A study of the individual performance of the refineries showed that the revenue of the WRPC fell drastically from about N5.3bn recorded in January to as low as N2.43m in February this year.

The WRPC posted an operating loss of N967.28m at the close of business in February, after recording an operating profit of N4.39bn in the preceding month.

For the KRPC, the facility’s revenue also decreased from N4.24bn in January to N1.03bn in February, as it recorded operating losses of N2.12bn and N1.51bn in January and February, respectively.

Although the third refinery, the PHRC, did not record any operating loss at the close of business in the review period, it posted a decrease in revenue and net cash flow in February.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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