NNPC:Expended N81.41bn on refineries, refined zero crude
Post created on 9:20 am
The Nigerian National Petroleum Corporation has shown that it expended N81.41bn on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period.
This data was contained in the just released August 2020 report of the NNPC.
The Warri refinery, Kaduna and Port Harcourt refineries posted a cumulative revenue of N6.54bn between January 2020 – August 2020 with a deficit of N78.87bn.
Data from the consolidated refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.
With a cumulative plant capacity of 445,000 barrels per day, the facilities posted a capacity utilisation of zero per cent all through the 13-month period.
However, the volume of crude they recorded as closing stock between August 2019 and August this year was 3.78 million metric tonnes.