The three ailing refineries managed by the Nigerian National Petroleum Corporation (NNPC) have failed to process crude oil for three months now. Also, the consolidated financial performance of the facilities recorded losses for 13 months back to back.
The Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company were reportedly inactive between July and September.
Nigeria losing oil revenue: Consolidated capacity utilisation of the facilities was 0% in each of the three months because of the dormant operation.
This means the facilities posted losses for 13 straight months in its consolidated financial performance. During the period, the highest single consolidated loss posted by the refineries was in June 2019 with the loss of N17.4 billion.
The Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company produced -9,599MT of intermediate products at a combined capacity utilisation of 0% in August 2019.
