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Refineries Post N114.3bn Loss In 11 Months - Politics - Nairaland

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Nigeria's Refineries Post ₦406.62 Billion Loss In Two Years / Expected Petrol Pump Price Drops To N114.53 Per Litre / Refineries Post Losses In 13 Months (2) (3) (4)

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Refineries Post N114.3bn Loss In 11 Months by Omooba77: 5:20pm On Mar 03, 2019
Okechukwu Nnodim
Nigeria’s refineries posted a cumulative loss of N114.3bn in the first 11 months of 2018, latest industry data have revealed.
Figures obtained from the Nigerian National Petroleum Corporation on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made losses in the months under review.
The KRPC made a deficit of N31.62bn, PHRC recorded N44.2bn loss, while WRPC lost N38.5bn. The losses were from January to November 2018.
Further analysis of figures received from the national oil firm showed that the expenses incurred by the refineries were higher than the revenue they generated during the specified period.
Among the three refineries, it was observed that Kaduna refinery earned the lowest revenue of N3.1bn, while its expenses in the same period was put at N34.73bn.
Port Harcourt refinery garnered a revenue of N140.82bn, while its expenses for the 11-month period was N185.03bn.
For Warri refinery, it spent N178.32bn, higher than its total revenue of N140.23bn.
Figures from the NNPC also showed the budgeted revenue, expense and surplus that were expected from the refineries during the period.
The corporation’s budget for Kaduna refinery, in terms of revenue, was N294.8bn, while an expense of N265.2bn was also budgeted, leaving a surplus of N29.55bn.
This, however, did not happen as budgeted.
For Port Harcourt refinery, the NNPC expected a revenue of N441.43bn, an expense of N377.2bn and a surplus of N64.25bn. This also did not manifest in the actual figures from the refinery during the 11 months.
Similarly, for the Warri refinery, the expected revenue was N348.1bn, with an expense of N305.82bn and a surplus of N42.3bn. But just like the first two refineries, the Warri refinery could not also meet the projections.
Nigeria’s refineries have been performing below standard over time, a development that made the government to search for international financiers to revamp the facilities, although this move had yet to succeed.

https://punchng.com/refineries-post-n114-3bn-loss-in-11-months/amp
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 6:19pm On Mar 03, 2019
Every tree that doesnot bear fruits should be rooted out.

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Re: Refineries Post N114.3bn Loss In 11 Months by richidinho(m): 6:28pm On Mar 03, 2019
Atiku wanted to sell them off but the empty brain party were campaigning against it

3 Likes 2 Shares

Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 6:43pm On Mar 03, 2019
richidinho:
Atiku wanted to sell them off but the empty brain party were campaigning against it

Every sane person knows, the organisation is a conduit pipe for siphony our commonwealth.

1 Like 1 Share

Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 7:37pm On Mar 03, 2019
AtikuMeansJobs:
I PLEAD WITH MY IGBO BROTHERS AND SISTERS TO STOP COMMENTING ON IGBO HATE FILLED THREADS, LET'S IGNORE THEM SO THERE WILL A NATURAL DEATH DOUBLE YOUR HUSTLE, MAKE YOUR MONEY AND ENJOY YOUR LIFE,NO TIME FOR HATERS .... DA' ALUNU .


#OperationSilentTreatment
Our leaders make us hate ourselves.
Re: Refineries Post N114.3bn Loss In 11 Months by blujoi(m): 11:35pm On Mar 03, 2019
A country that produces crude oil and gas in abundance yet its refineries don’t work and incurs losses from year to year, what an irony.
Re: Refineries Post N114.3bn Loss In 11 Months by Picienza: 11:59pm On Mar 03, 2019
And they are saying we should not sell it off? Who's going to account for the losses?
Re: Refineries Post N114.3bn Loss In 11 Months by Kagawa10: 12:02am On Mar 04, 2019
We get refineries before?
Re: Refineries Post N114.3bn Loss In 11 Months by baralatie(m): 12:09am On Mar 04, 2019
ok
Re: Refineries Post N114.3bn Loss In 11 Months by Otuegbe: 12:17am On Mar 04, 2019
Atiku was right after all

1 Like

Re: Refineries Post N114.3bn Loss In 11 Months by Mace0lane: 12:31am On Mar 04, 2019
Eboes masturbating as always let Buhari place NNPC on sale n watch their dead grandfather wake up to wail.
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 6:24am On Mar 04, 2019
The bitter truth is that one day, NNPC will cease to exit, when, by whom and what will happen I dont know, but one day just like America state, everyone will control her resources.
Re: Refineries Post N114.3bn Loss In 11 Months by press9jatv: 7:48am On Mar 04, 2019
nnpc must be privatized.

1 Like

Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 10:09am On Mar 04, 2019
press9jatv:
nnpc must be privatized.
The earlier will do, the better for the nation lalastically!
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 12:08pm On Mar 04, 2019
NNPC!!!!
Re: Refineries Post N114.3bn Loss In 11 Months by jamace(m): 12:23pm On Mar 04, 2019
Loss for where? Check APC election funding for the balance.

2 Likes

Re: Refineries Post N114.3bn Loss In 11 Months by SouthEastFacts: 12:24pm On Mar 04, 2019
116 Billion Naira, this is a year and 6 months budget of some states, now Niger Delta is going to bear the burden of this debt.

Atiku wanted to list NNPC on Nigeria Stock Exchange but enemies of state were kicking against it.

Any day, any time, a dead Atiku is better than a living Buhari.

2 Likes

Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 12:46pm On Mar 04, 2019
SouthEastFacts:
116 Billion Naira, this is a year and 6 months budget of some states, now Niger Delta is going to bear the burden of this debt.

Atiku wanted to list NNPC on Nigeria Stock Exchange but enemies of state were kicking against it.

Any day, any time, a dead Atiku is better than a living Buhari.

NNPC can not continue like this, unless we want to deceive ourselves forever. God has giving us wisdom.

1 Like

Re: Refineries Post N114.3bn Loss In 11 Months by press9jatv: 12:49pm On Mar 04, 2019
Omooba77:


The earlier will do, the better for the nation lalastically!
yes soooooo.
Re: Refineries Post N114.3bn Loss In 11 Months by SouthEastFacts: 12:56pm On Mar 04, 2019
Omooba77:


NNPC can not continue like this, unless we want to deceive ourselves forever. God has giving us wisdom.
Buhari in his first tenure tried to unbundle it, and I wish he will privatize it.

But he won't, he is a bloody socialist.
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 1:37pm On Mar 04, 2019
SouthEastFacts:

Buhari in his first tenure tried to unbundle it, and I wish he will privatize it.

But he won't, he is a bloody socialist.

NNPC must be unbundled if corruption must me curtailed
mynd44
oamj
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 6:25am On Mar 05, 2019
One day NNPC will be no more
Re: Refineries Post N114.3bn Loss In 11 Months by Omooba77: 6:13pm On Mar 05, 2019
Oil money

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