In the latest published financial and operations report by the Nigerian National Petroleum Corporation, NNPC, the three state-owned refineries did not refine any crude oil in January 2021. The refineries also did not refine any crude oil throughout 2020.
The three refineries are the Kaduna Refining and Petrochemical Company, the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company. The National oil company attributed the refineries being dormant to the rehabilitation of the facilities.
The facilities also recorded a cumulative loss of N5.37 billion. Kaduna Refining and Petrochemical Company recorded a N1.81 billion loss, the Port Harcourt Refining Company recorded a N2.34 billion loss, while the Warri Refining and Petrochemical Company recorded a revenue loss of N1.23 billion.
Excerpts from the report: “In January 2021, the three refineries processed no crude and combined yield efficiency is zero per cent owing largely to ongoing rehabilitation works in the refineries.”
“The declining operational performance is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilisation once completed.”
A few weeks ago, the NNPC announced the commencement of the rehabilitation of the Port Harcourt refinery. The rehabilitation will cost $1.5 billion.
