₦airaland Forum

Is it the empty headed farm tool Angela


That Still still walk around in pants on IG?

Mercy is a matured family woman and not on their level

Made women dey talk. Politicians concubines dey follow put mouth

BUSINESS & ECONOMY
Refineries lost N77.15bn in six months – NNPC
Published

September 3, 2019
’Femi Asu

Federal Government-owned refineries located in Port Harcourt, Kaduna and Warri lost N77.15bn in the first six months of the year, the Nigerian National Petroleum Corporation has said.

The refineries posted a loss of N68.10bn in the same period in 2018, according to the NNPC data obtained by our correspondent on Monday.

The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each.


The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

They lost N8.362bn in January; N10.26bn in February; N16.04bn in March; N11.44bn in April; N13.63bn in May, and N17.42bn in June.

Kaduna refinery, which was idle during the six-month period, lost N30.1bn, the NNPC said.

Warri lost N23.87bn as it did not process any crude oil in April and June, while Port Harcourt refinery recorded a deficit of N23.17bn as it was idle in January, April, May and June.


The NNPC said it had been adopting a merchant plant refineries business model since January 2017.

It said, “The combined value of output by the refineries (at import parity price) in June amounted to N2.01bn while the associated crude plus freight costs and operational expenses were N6.34bn and N13.10bn respectively. This resulted in an operating deficit of N17.42bn.

“The lower operational performance recorded is attributable to the ongoing revamping of the refineries which is expected to further enhance capacity utilisation once completed.”



The Group Managing Director, Nigerian National Petroleum Corporation, Mr Mele Kyari, said in August at an industry event that the corporation was committed to revamping the nation’s 445,000-bpd refineries to enable them “work to an appreciable level or capacity.”

More in Home

Govs take panicky measures as floods ravage states

Mambilla project: Nigeria risks another $2.3bn fine

Osinbajo, ministers meet on $9.6bn judgment, decline comments

From Benin with fraud: DG secures FIIRO top job without claimed PhD certificate
Winners emerge in UNICAF essay competition
Kyari said, “We are progressing with the establishment of condensate refineries to fast-track domestic supply of petroleum products.

“In the same vein, the corporation would support the actualisation of the 650,000bpd Dangote refinery, as well as other private initiatives along this line.

https://punchng.com/refineries-lost-n77-15bn-in-six-months-nnpc/


Was Atiku right about NNPC?
These losses are too high

Lalasticlala

tbaba1234:
His progress so far has been disappointing

iheanacho that ran faster that his shadow how far

oteneaaron:
Is it just me?

But I thought bitcoin was untraceable?

How come did EFCC get the technology to track a bitcoin wallet?

Madam better get yourself a strong lawyer oo

e don be for u

the whole news is a joke

even FBI dey find it hard to track btc

J111333:
No name, no picture and you want me to believe this nonsense

efcc are just making noise over this fbi issue of recent


hope the FBi calls them out over all this propaganda

name witheld

185 bitcoin, when did EFCC start tracking bitcoin

most of them that famz with england get dumped


he better run

ebuclassic18:
Working in NDDC is a lucrative business those guys are rich for nothing building secret expensive houses with out doing anything

Lol

Nddc car park is like Exxon mobil

anochuko01:
Reverse their genders and watch the world burn with thunder, fire, brimestone and sulphur!

and watch protests for hoees like busola

Iamgrey5:
Please stop referring to this man as elderstatesman

elder foolishstatesman

Wickedfacts:
But Umahi is from the same Pdp na.

I have an observation. If majority of the people in the SE support you, you must be doing something wrong but if they hate, insult and curse you, you're doing something right.

The SE loves Ikpeazu, Ugwuanyi, Ihedioha and people like TA Orji and his son Chinedu AKA Ikuku.

On the other hand, they curiously hate Obiano, Umahi in particular and Okorocha the most. Meanwhile, those 3 are the best out of the mediocre Governors in the SE.

when you mentioned okorocha, i knew you had added weed to your tea this morning

Abagworo:
Federal roads. Why then don't you blame Akwaibom Governors for Itu-Calabar road that was hell for several decades? Okorocha is better than all your Governors going by the money available to work with.

your weed dealer supplies good weed

keep it up

Phock2sweet:
This is how we helped south africa during apartheid. And now south Africans are killing us for helping them

Even Liberia nko

Unik3030:
thats a big lie bro, south east is paradise.

outside Enugu and Anambra, its hell

Okorocha is annoying


anytime your travelling to Lagos from Uyo by road

you will know the mess called IMO and ABIA

from the first inch to the last inch is hell for any car and its shock absorbers

bad roads everywhere and dilapidated /uncompleted schools

Selfish play no good


It cost Ghana big time in the world cup

Happy for ansu fati


Team na just management under this man

EPL officially a two horse race now

Wonder what u guys dey go find for SA

Efcc customers lined up as minister

Inec is confused

frankmoney:
Bet on this match at your own peril

Under 3.5

Hanks0000:
They don't want to live with a monkey too

Yea, they detest living with your family

The whole trip was a waste of time


Ghana and other countries got deals


Nigeria took pictures

Useless forced Union called a country

funmike83:
But how come Nigerians have stopped talking abt the release of this guy, and we want things to change

The south west don't care

If It was gej that did this

They would be holding protest's and conference everyday

Their headache is ipob

davidflipcy5856:
US is not safe anymore. Shootings here and there. God save us all

If na me only

.US visa go dey useless

Can't live with animals

Wetin una dey sell


We want to see trade deals like Toyota and big firms


No be to dey share flyer after the president will demarket us again on top

Osagyefo98:
Nobody attacks you Mr Sani.

Ipob should face igbo politicians only.

Yea right


Cause Fulani leaders have made Nigeria look like Singapore

The dollard and his entourage should be stone on return



Useless leadership. Travelled that far to achieve nothing

SuperS1Panther:
Chicago and New York with all their killings are not the most dangerous.

Mumbai and Beijing with all their air pollution are not.

Mexico city and Brasilia with drug lords and gangster killings are not.

Jo'burg with all the rape cases is not.

All these reports are laughable times.

Nigeria is easy to tag

Xmen149:
at this rate,mikel will lose custody of his Kidd's (and GIRLFRIEND) if he ever decide to base in naija after retirement like his fellow.

The money for his expenses abroad will chop hole in his pocket that time and at the mercy of his wife.

I see miky in a very far place.May God help him make good decisions sha

The white wife. Hmm

Hope he has businesses that can sustain life abroad after retirement

Ikengawo:
This is was originally scheduled to be built in Nigeria under Jonathan, Buhari came in and cancelled the deal.
Google it.

hope this is a lie