Fears as refineries produce below 20%, losses jumping
The Nigerian National Petroleum Corporation (NNPC) Saturday said the cumulative performance of three of Nigeria’s refineries in Warri, Kaduna and Port Harcourt is below 20 per cent.
This is contained in the latest financial and operations report of the corporation released recently.
The group said the loss in revenue by each of the facilities has continued to drag despite the steady amount of crude oil they are receiving daily.
The latest ring-fenced refineries performance in August 2016 as released by the NNPC showed that the precise consolidated capacity utilisation of the three refineries was 19.9 per cent.
Though there was an improvement over 6.74 per cent that was recorded in July 2016, three refineries are the Warri Refining and Petrochemical Company, the Kaduna Refining and Petrochemical Company, and the Port Harcourt Refining Company.
The report further stated that the consolidated revenue losses of the three facilities dropped from the 5.13 per cent in July to 3.23 per cent in August.
Only last week, the federal government threw up an idea that it will begin rehabilitation of refineries with inputs from the private sector, thus signaling the change of mind to privatise them as soon as possible.