Friday, March 29, 2024

NNPC Refineries recorded N9.6bn loss in January

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Posting a cumulative operational deficit of N9.6bn in January, Nigeria started it’s 2020 financial year with losses

The Nigerian National Petroleum Corporation is the manager of the country’s three refineries – the Kaduna Refining and Petrochemical Company, the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company.

Deficit recorded by refineries in months of 2019 where the facilities pulled a cumulative revenue of N68.96bn but incurred a total of N218.18bn in 2019 Deficit showed that KRPC, PHRC and WRPC posted N2.1bn, N4.38bn and N3.12bn losses respectively in January 2020.

The refinery in Kaduna recorded a revenue of N2.84bn in January but incurred an expense of N4.93bn whike Port Harcourt and Warri refineries made N10m and N36m respectively as revenues during the period under review.

The Group Managing Director, NNPC, Mele Kyari made it’s decision clear that the corporation would not interfere with the management of refineries after their rehabilitation.