#Country Updates #News #Nigeria #Upstream Oil & Gas News

NNPC blames revamping refineries for loss of N177 billion

The Nigerian National Petroleum Corporation, NNPC has blamed loss of N177 billion from the refineries on efforts at “revamping”.

The loss, according to the Nigerian National Petroleum Corporation, NNPC’s monthly report, was incurred from July 2019 to January 2021.

According to the report, the loss was cumulative from its four refineries due to their inability to refine a drop of crude.

“…declining operational performance is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilisation once completed,” the NNPC said in its latest monthly report.

Although the West African country boasts of four refineries located in Port Harcourt, Kaduna and Warri with a combined capacity of 445,000 barrels per day, it however relies heavily on importation of petroleum products to sustain its over 200 million population.

Data recently obtained by SweetcrudeReports from the Petroleum Products Pricing Regulatory Agency, PPPRA, showed that Nigeria’s daily consumption of petrol rose to a little over 85 million litres.

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Source: SweetCrudeReport

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