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NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months (17367 Views)

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NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by RuudVanNisteroy: 12:41am On Nov 23, 2020
A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed.

Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period.

With a revenue of N6.54bn and a total expense of N81.41bn, the facilities ended up with a deficit of N78.87bn, according to figures contained in the just-released August 2020 report of the NNPC.

Further analysis of figures from the latest report, as well as those earlier released by the corporation, showed that the revenue, expense and deficit of KRPC during the period under review were N6.22bn, N33.61bn and N27.39bn respectively.

PHRC posted a revenue, expense and deficit of N61m, N25.57bn and N25.51bn respectively from January to August 2020.

Similarly, WRPC earned a revenue of N257m, incurred an expense of N22.23bn and posted a deficit of N21.98bn during the same period.

It was further gathered that for 13 straight months, the facilities had been running without refining any volume of crude oil.

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.



For several years, Nigeria has been importing the bulk of its refined petroleum products as a result of the inability of its refineries to refine crude oil produced within the country.

On Thursday, the Federal Government revealed that Nigeria, Africa’s biggest oil producer, was set to resume the importation of petroleum products from a neighbouring country, Niger Republic.

The Federal Ministry of Petroleum Resources said in a statement that the two countries signed a Memorandum of Understanding for petroleum products transportation and storage.

It said following bilateral agreements between the President, Major General Muhammadu Buhari (retd.), and his Nigerien counterpart, Mahamadou Issoufou, talks had been ongoing between the two countries for over four months – through the NNPC and Niger’s Societe Nigerienne De Petrole.

According to the statement, Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, had an installed refining capacity of 20,000 barrels per day.

“Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000bpd, mostly for export,” it said.

The national oil firm again explained in its latest monthly report that the declining operational performance of Nigeria’s refineries was attributable to ongoing revamping of the facilities.

It said the revamping of the facilities was expected to further enhance their capacity utilisation once completed.

Operators in the downstream oil sector as well as economists have repeatedly called for a fast revamp of Nigeria’s refineries in order to halt the continued importation of refined petroleum products.

The National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, said, “Getting our refineries working optimally is so vital now to save us the continued depletion of our foreign exchange.

“I know the NNPC is working towards that and we hope the refineries will come onboard as soon as possible, because this might also help in reducing the cost of refined petroleum products.”

The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, noted that pronouncements by NNPC on the future involvement of the private sector in the operation of the country’s moribund refineries were commendable.

“This is another laudable initiative which will ensure that these national assets are put to use for the growth and development of our economy,” he said.

He, however, noted that one of the critical elements of the oil and gas sector reform, particularly the downstream sector, was the complete deregulation of the sector.

The LCCI boss explained that the reform of the downstream oil and gas sector would not only impact positively on local refining of crude but also create a number of advantages for the economy.

Yusuf said, “It will unlock the huge private investment potential in the downstream oil sector, especially in petroleum product refining.

“This will ultimately reduce importation of petroleum products and ease the pressure on the foreign exchange market as well as the burden on our foreign reserves.”

He stressed that the investment opportunities in Nigeria’s oil and gas sector were huge, considering the country’s crude oil reserves and the even bigger prospects in respect of its gas reserves.

According to him, Nigeria has been in the business of oil for over 50 years, but still does not have any private refinery operating on a commercial scale.

“This is a big issue. No oil-producing country imports refined petroleum products on a scale that we do in Nigeria. It is inexcusable,” the LCCI DG stated.

He added, “Pipelines are very critical infrastructure for refineries and for the sector, but the current ones are aging and have deteriorated due to poor investment and maintenance.

“Again, this is because the pipelines are in public sector space. The story of the petrochemicals and fertiliser plants are not different, although the latter has witnessed some measure of privatisation.”

Yusuf noted that the dominance of the public sector in this space had significantly slowed down the progress and development of the oil and gas sector.

He stated that the sector was so strategic that it could easily have provided the lever to accelerate the diversification of the Nigerian economy.

https://punchng.com/refineries-gulped-n81-41bn-refined-zero-crude-nnpc/

2 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Acjohn(m): 12:47am On Nov 23, 2020
NNPC is now a heavy burden to the country like the president and the entire North.

Na them kukuma full the NNPC.

Hope this time, the north will learn that leadership is not by energy, stubbornness or religion. Some can never make good leaders, chief among them are the bigots and the nepotistic majority in the north.

One thing I know for sure, make Nigeria hell, plenty in the south will find a way to survive, they adapt and thrive but for the north most adapt to poverty by managing much more and the rest flood the south to go beg from those they hate like death.
If they like make them no wake up

234 Likes 11 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by GoodofNaija: 12:51am On Nov 23, 2020
Mr Integrity in action embarassed

78 Likes 5 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Amotolongbo(f): 12:56am On Nov 23, 2020
The solution to the refineries is nothing but real privatization to genuine investors, not government cronies

93 Likes 3 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by RuudVanNisteroy: 12:59am On Nov 23, 2020
GoodofNaija:
Mr Integrity in action embarassed
Minister of Petroleum and kingpin of corruption.

91 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Mbamto: 1:01am On Nov 23, 2020
Atiku said "privatize the refineries"
That would have been the best decision

Modified : take the message and leave the messenger

90 Likes 3 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by RuudVanNisteroy: 1:07am On Nov 23, 2020
Mbamto:
Atiku said "privatize the refineries"
That would have been the best decision
We saw what Atiku did when he was in charge of privitization under OBJ. All this old men should just leave they have eaten enough.

The 7th largest oil producer in the world four refineries are non functional despite billions of dollars spent on Turn Around Maintenance(TAM). Cursed and failed state!

Only the youths can salvage the nation cry.

76 Likes 11 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by RuudVanNisteroy: 1:12am On Nov 23, 2020
I want to see what BMC and TMC zombies have to say about the President/Minister of Petroleum.

38 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by usoroakpan(m): 2:00am On Nov 23, 2020
Naso

3 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Nobody: 2:00am On Nov 23, 2020
shame. Dangote had bought 2 of the refineries under Obj. The dull Yar adua reversed the sale. now Dangote has his own refinery and the Nigerian one are worthless. https://www.vanguardngr.com/2015/07/how-yaradua-was-pressurised-to-revert-refineries-sold-to-dangote-obasanjo/

24 Likes 4 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Nobody: 2:02am On Nov 23, 2020
Amotolongbo:
The solution to the refineries is nothing but real privatization to genuine investors, not government cronies
Obasanjo did https://www.vanguardngr.com/2015/07/how-yaradua-was-pressurised-to-revert-refineries-sold-to-dangote-obasanjo/. no one will buy the refineries now. its better to build from scratch now.

1 Like

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by InaNla(f): 2:04am On Nov 23, 2020
Wonderful CHANGE?


We move now to NEXT LEVEL.

9 Likes 4 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Funkyswagzz(m): 2:04am On Nov 23, 2020
Anything government in this country is a disaster.

3 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Officialhorlah(m): 2:04am On Nov 23, 2020
Ghost refineriesgrin

27 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by hinere(m): 2:04am On Nov 23, 2020
Nigeria has Oil. Nigeria has Oil. Before the discovery of Oil, what sustained us
People have invested in Oil. The worst part of it is that FG and their younger brother "Corruption" have destroyed the oil for us.
We need to go back to what sustained us in the past and that is Agriculture. If Agriculture can sustain a whole Nation like Nigeria generating Revenue for us then God has really blessed us.
People made bastard money through Agriculture in the past. Why? People must EAT.
You don't need to carry cutlass or hoe and enter a farm. Invest in already thriving Agricultural Ventures and make your Profit. CEO's, Bankers, Business Moguls are investing daily. Agriculture is our Gold. They don't call us Green White Green for nothing. Green stands for Agriculture
To know more and how to Invest in Agriculture,
Click here...

https://www.nairaland.com/6235562/invest-agriculture-make-up-55

5 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by RuudVanNisteroy: 2:05am On Nov 23, 2020
InaNla:
Wonderful CHANGE?


We move now to NEXT LEVEL.
grin

2 Likes 2 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Moferere: 2:12am On Nov 23, 2020
2015 - 2020
Buhari has spent $1.6 billion on Turnaround Maintenance (repairs) of refineries and nothing is produced, I mean zero barrel of oil per day.

The Niger Republic refineries he signed MoU with last week was built at $980 million.


When we criticise Buhari, his praise singers will attack us.

They know next to nothing. undecided

84 Likes 6 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Emyogalanya: 2:12am On Nov 23, 2020
What shall it profit a country to have 4 refineries and yet run to niger republic that has only a "one-5000-barrels-per-day-refinery ? This is how a country ends up once they have no template nor blueprint for development. This guy-ant of halve-free-car is a shame to itself and to the whole human race. Did any one notice that i did not call any individuals , party , nor any regimes name ? So be properly guided when you quote me.

15 Likes 2 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Fm2019: 2:13am On Nov 23, 2020
Don't worry, We are fighting corruption grin grin grin

10 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Nobody: 2:15am On Nov 23, 2020
At twilight of obasanjo government, he sold off nation's refineries for utmost management and efficiency but yaradua hurriedly acquired them back. Till day they still drain money.

Nigerians are toooo dishonest, embarking on government business will always lead to ZERO end.

4 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Tundex911: 2:16am On Nov 23, 2020
Even the whole Nigeria don dey God's hand.. No be only Enugu

3 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by saajus: 2:18am On Nov 23, 2020
NNPC is just an avenue intentionally left behind by our leaders to steal money. The corruption in NNPC is unquantifiable. I knew a guy who did his NYSC there, and he came out multi-millionaire. Their Engineers are earning enormous salaries for doing nothing.

33 Likes 2 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Blue3k(m): 2:19am On Nov 23, 2020
Tomorrow yall will whine about importing niger republic.

1 Like

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Nihao: 2:23am On Nov 23, 2020
I still insist that Buhari is an illiterate hence Nigeria will not make much progress.

28 Likes 2 Shares

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by Elsueno: 2:25am On Nov 23, 2020
The worst performing company in the whole universe, Even Petróleos de Venezuela, the Venezuelan state-owned oil and natural gas company makes billions of dollars in profits as at 2016. But our NNPC is just yanking billions of naira from our already megre resources.


Nobody should talk to me about SUBSIDY bullshyt, they ain't the only national oil company subsiding for its citizens.


imagine if that billons of naira had went to clearing out ever increasing debt, cause we have being seing deficit in billons for a loooooooooooooooooooooooong time at NNPC

11 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by kpas4kpas2(m): 2:26am On Nov 23, 2020
What a country are we? What types of leaders do we have in this country?
In fact, most of our leaders are scamers. They keep scamming us for years! The best way out is to restructure the country then we will know the value of what God has deposited in our land of Canaan.
I know one day our God will free us from all these Egyptians in Jesus name.

12 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by ateizaa(m): 2:27am On Nov 23, 2020
Story
Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by revived: 2:27am On Nov 23, 2020
Bastards

3 Likes

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by irepnaija4eva(m): 2:28am On Nov 23, 2020
And i am pretty sure some "Elite Northern Nigerian"" has a stake in that Niger's refinery...

23 Likes 1 Share

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by COMPAQ(m): 2:29am On Nov 23, 2020
Kekereekun123:
shame. Dangote had bought 2 of the refineries under Obj. The dull Yar adua reversed the sale. now Dangote has his own refinery and the Nigerian one are worthless. https://www.vanguardngr.com/2015/07/how-yaradua-was-pressurised-to-revert-refineries-sold-to-dangote-obasanjo/

The most stupid decision of government in the last decade. Just think where those refineries would be now worth jobs created and revenue earned for government from taxes.

1 Like

Re: NNPC: Refineries Gulped ₦81.41 Billion, Refined Zero Crude For 8 Months by davillian(m): 2:31am On Nov 23, 2020
Please how can I be a refinery in Nigeria for just 7months....
If I can't produce oil I can produce babes pls.....
Share until PMB sees my post....

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