The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.

The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities.

The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day.

The country relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.

Port Harcourt Refining Company generated a total revenue of N10.33bn from 2015 to 2019, but posted a loss of N229.14bn.

The refinery generated zero revenue in 2019; N1.46bn in 2018; N4.82bn in 2017; N3.37bn in 2016, and N683.52m in 2015.

It lost N50.53bn in 2019; N45.59bn in 2018; N53.77bn in 2017; N43.44bn in 2016, and N35.81bn in 2015.


Kaduna Refining and Petrochemical Company reported revenue of N4.17bn and a loss of N307.27bn in the five-year period.

The refinery generated revenue of N37.17m in 2019, compared to zero revenue reported in 2018. Its revenue had risen to N2.24bn in 2017 from N1.47bn in 2016 and N418.76m in 2015.

It posted a loss of N65.99bn in 2019, N63.64bn in 2018, N111.89bn in 2017, N30.19bn in 2016 and N35.56bn in 2015.

Warri Refining and Petrochemical Company posted a revenue of N6.62bn and a loss of N242.30bn in the period under review.

Its revenue dropped to N921.82m in 2019 from N1.99bn in 2018 and N1.25bn in 2019. It had risen from N884.39m in 2015 to N1.58bn in 2016.

The refinery recorded a loss of N51.66bn in 2019, compared to N52.18bn in 2018, N84.60bn in 2017, N24.50bn in 2016 and N29.36bn in 2015.

Kaduna refinery, in its 2019 annual report, said its losses had arisen principally from its inability to operate profitably under its current processing contract with its parent company, NNPC.

The report said, “KRPC’s primary source of revenue is from the processing of crude oil for NNPC. The processing fees are determined solely by NNPC, without consideration for related costs and are significantly lower than the costs incurred to produce.

“The high cost is also due to the current structure of the organisation whereby the company bears the total cost of personnel expenses.”

It said the NNPC had undertaken not to reduce its shareholding in the company and to continue to support it by funding its operations ‘until such time the company is in a position to adequately finance its operations’.


NNPC’s latest monthly report showed that Port Harcourt refinery stopped processing crude oil in April 2019, while Warri and Kaduna refineries have been idle since May and June 2019 respectively.

The corporation said the declining operational performance of the refineries ‘is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilization once completed’.

The Federal Executive Council approved on Wednesday the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn

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Source: https://m.punchng.com/Business/FG-refineries-earn-N21bn-lose-N778bn-in-five-years

A band of sophisticated but sanctimonious super-looters cum yam eaters having a field day are on board. Buhari will just destroy anything he touches.Such company can not even sustain its baseline capital let alone break even.

post=99988036:
If NNPC does not even know the amount of oil leaving Nigeria, how would the state-owned oil firm be able to audit the supply of crude and gas & collect appropriate revenue?

"The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities..."

Guess you sabi swear & curse for looters under the 16 years of PDP corruption(which there was anyway)? Abeg can you give us answers how this putrifying corruption took place under the leadership of your darling daddy as minister of petroleum within five years yet our moribund refineries are operating @ a far below full operational capacity?

( pls answer otherwise dont open your mouth to talk about anything corruption or your darling daddy fighting corruption again.Remember when we point a finger, the rest are pointing @ us.)

Essentially NNPC is not letting the refineries run profitably

Dividends of subsidies.

Nnpc according to the article makes the refineries process crude at a cost it NNPC determines, not at a cost the refinery determines


Okay. It is like me selling something i bought for N5000 at a price of N1000 as determined by my customer

How then do i make a profit?


All to keep fuel cheap so that nigerians are happy.

This is a very poor investment. No wonder private companies are doing far better in Nigeria than any government establishments.
Imagine what will happen if those who manage Nigerian refineries are allowed to manage multi-national companies like Shell, MTN, or Toyota? I can bet it with all my savings that they will run everything down within a year.
...and in case you don't know, the current president of Nigeria is also the current minister of petroleum resources?

Baba nla cash cow

No wonder the man ran to become minister of petroleum, from indication it seems the north are really saving up southern money in case there is a division or something. The biggest scam of the century is APC led government. We south are happy to be eating from the crumbs that's what is giving them the impetus to do all this.

Imagine

The way they mention big big money in this country ehn, I would think we should be rubbing shoulders with giants of the world. But unfortunately Nigeria still remains the Poverty capital of the world. Big figures are always mentioned for very wrong reasons; going missing like needles. Phew

One Nigeria is scam
One Nigeria is dead and gone

Sai Baba!

MARCH4BUHARI

The new SHERIFF in town.

U r ALLAH sent!


Keep doing it!

Saudi Arabia did it, Kuwait did it, Oman did it, Nigeria is doing it.

We the Yewa people in Benin Republic are behind u.

Solution

1. Deregulate the downstream sector
Let marketers set the prices of fuel

2. Privatise NNPC and the refineries.

3. NNPC would be forced to make the refineries work since sabotage harms their financial backbone

4.No more losses of this kind.

APC knows what to do but cheap fuel addiction won't let them do it

778 billion lost in five years!

If 778 people have been involved in the looting of this 778billion in 5 years, then each of them will get 1billion each....Imagine making 1billion in 5 years..that's 1million in 1000 places..gosh.

But the truth is the people who siphoned 778billion in 5 years may not be more than 20 people or less sef....So some of them would have cashed out 5billion, 10billion, 500million, even a high ranked person in petroleum ministry may have gotten has much as 200 to 400billion from that 778 billion loot in 5 years...ewww.

Where is EfCC when you need them? is there any Yahooyahoo or robbery more than this?....EFCC should be ashamed if Yahoo boys is the only people they can arrest

Shithole but that vulture meat seller will still come here to rationalise and praise the slave masters. Ndi 30k people

I pray something will still remain before 2023 ooo. This present looters are doing it with annoyance ooo. They are not smiling at all.

At the end of the day, all the government own refineries will be pass to private management since a national government can't maintain it. Too bad. Nigeria which way!

PDP propaganda

Atiku wants to deceive us again

Government should hands-off everything in the oil production chain. They are absolutely incompetent, I thought building a new refinery was impossible until Dangote stepped in.

Racoon:
"The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities..."

Guess you sabi curse & swear for looters under the16 years of PDP corruption(which there was anyway)? Abeg can you give us answers how this putrifying corruption took place under the leadership of your darling daddy as minister of petroleum within five years yet with our refineries operating @ below full operational capacity?

Don't waste your time with the likes of

They are not Intelligent enough or lack integrity to answer you . The 30k monthly they enjoy will always be their boss. Such individuals such as are the problem with Nigeria. They have no real belief or patriotism they are only loyal to their pay master , they are FFK are twins

They follow where the belly is. You think someone as naive and corrupt as can boldy criticise the government over this ?
They are a useless breed of poverty minded any where belle face individuals without shame or an iota of integrity.

Such people sell their votes for money or food. They are that stunted mentally like the great Noble laureate said such people are anywhere belle face political supporters.

Don't get this wrong this ppl are the same PDP, APC that's why it's easy to switch if you're comfortable with the party you're corruption is a problematic generational curse caused by colonial masters to get fare share of our resources through so called freedom by imposing so called educated leaders back then on us that they are well exposed and know better when we brilliant minds everywhere in the country.Part of our problem is those leaders that witness freedom and still alive today.

Racoon:
"The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities..."

Guess you sabi curse & swear for looters under the16 years of PDP corruption(which there was anyway)? Abeg can you give us answers how this putrifying corruption took place under the leadership of your darling daddy as minister of petroleum within five years yet with our refineries operating @ below full operational capacity?

Racoon:
"The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities..."

Guess you sabi curse & swear for looters under the16 years of PDP corruption(which there was anyway)? Abeg can you give us answers how this putrifying corruption took place under the leadership of your darling daddy as minister of petroleum within five years yet with our refineries operating @ below full operational capacity?

U r asking someone who doesn't know how to solve simple addition and subtraction to now solve complex problem like dy/dx...
Those guys r programmed to be foolish.

What a country! These are the real thieves

A country deep in recession, plagued with chronic hunger and poverty, bound in record breaking unemployment rate, riddled with debt, short of funds, with a collapse economy yet the fulani regime think it wise to run refineries at billions of dollar loss for the past 5 years! Bloody Thieves.
Tribal bigotry, religious fundamentalism and ethnic supremacist mentality are not qualities of a leader, but a tyrant.
MAKE BUHARI THE PRESIDENT OF AMERICA AND HE WILL WRECK THEIR ECONOMY WITHING ONE YEAR!
An illiterate CANNOT GIVE WHAT HE DOESN'T HAVE.

The person you're questioning has the IQ of a baboon with Downes Syndrome. If you ask a piece of deadwood that question, it will give you a more intelligent answer.

Racoon:
"The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities..."

Guess you sabi curse & swear for looters under the16 years of PDP corruption(which there was anyway)? Abeg can you give us answers how this putrifying corruption took place under the leadership of your darling daddy as minister of petroleum within five years yet with our refineries are operating @ far below full operational capacity?

That is buhari's mathematics and formulae.

95% against 05%

N27bn profits against N775bn losses

10steps forward and 100 steps backwards.


APC is the worst thing that ever happened to humanity and not just Nigeria alone.


BTW, our southern leaders and efulefus that supported and still supporting APC and buhari, shey una dey see una lives? Buhari and his northern co-criminals looting and stealing anything and everything from the oil revenue and diverting them to the North, stocking up in the event of total collapse and disintegration of that country.

Read carefully...

Not in the last 16 years. This was from 2015....when the best Petroleum Minister was in position

This does not make any economic sense...but what do we know


Manna ...over to you. Please praise Buhari for this

if these entities are allowed to run as businesses they will be profitable, but as long as we have nepotism its Bleep up.

All these cranked up data is just a ploy to borrow funds to repair them and sell off to cronies.

There are no sound businessmen in Nigeria, just beneficiaries of govt crony capitalism.