Nigerian refineries posted N9.6bn loss in January –NNPC

Nigeria’s state-owned refineries recorded a combined operational loss of N9.6 billion in January 2020, the latest figures on the financial performance of the plants from the Nigerian National Petroleum Corporation (NNPC) have revealed.

The refineries – Warri Refining and Petrochemical Company (WRPC), Kaduna Refining and Petrochemical Company (KRPC) and Port Harcourt Refining Company (PHRC) – are managed by the NNPC.

The NNPC had in the last week of March declared that the three refineries recorded a cumulative loss of N149.23 billion at the end of 2019.

It equally reported that they altogether earned N68.96 billion in revenue and incurred N218.18 billion in combined expenditure in the period in question.

According to the latest figures, PHRC recorded a loss of N4.38 billion in January, WRPC N3.12 billion and KRPC N2.1 billion.

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PHRC reported N10 million as revenue but its expenses stood at N4.39 billion in the period.

WRPC earned N36 million as revenue even though its spending totalled N3.15 billion.

KRPC’s revenue came to N2.84 billion in January when its expenses were N4.93 billion.

Mele Kyari, the NNPC  chief, recently stated that the corporation would stop managing the refineries after revamp works were completed.

He said a firm would rather be engaged to manage them on an operations and maintenance basis.

“We are going to get an O&M contract; NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time,” said Mr Kyari.

The three refineries have a total installed capacity of 445,000 barrels per day.

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