Refineries Produced No Drop Of Crude In January – NNPC

Brent Crude

The Nigerian National Petroleum Corporation has revealed that refineries under the management of NNPC did not produce any crude oil.

This comes off the back of worries expressed by the Nigeria Labour Congress over the state of refineries in the country.

In its most recent financial and operations report, the national oil firm stated that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company processed no crude oil in January this year.

Although it attributed this to the rehabilitation of the facilities, findings showed that the refineries had remained dormant in terms of crude oil refining, as all-through 2020 their cumulative capacity utilisation was also zero.

Commenting on the capacity utilisation of the facilities for the first month of this year in its latest report, the oil firm said, “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.”

Further analysis of the report showed that the facilities also posted losses in the review month, recording a cumulative loss of N5.37bn.

A breakdown of their individual losses showed that KRPC lost N1.81bn, PHRC posted N2.34bn loss, while WRPC recorded the least revenue loss of N1.23bn.

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