Nigerian Refineries Record N10.3bn Loss in 2 Months

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Three government-owned refineries being run by The Nigerian National Petroleum Corporation (NNPC) have reported a N10.3billion loss in the first two months of 2021.

According to the most recent NNPC Monthly Financial Operations Report (MFOR) the refineries recorded total revenue of N581 million but had an operating cost of N10.9 billion.

The three refineries are Warri Refining and Petrochemical Company (WRPC) Port Harcourt Refining Company (PHRC) and the Kaduna Refining and Petrochemical Company (KRPC) with a combined installed capacity of 445,000 barrels per day.

However, because the refineries are unable to run at full capacity, the country is becoming increasingly reliant on imports.

A breakdown of the losses indicates that the PHRC had the largest deficit in January, totaling N3.58 billion.

Data shows PHRC generated N28 million in January and February but spent N3,994 billion within the same period.

KRPC came in second with the largest loss of N3.58 billion, despite having the highest revenue of N475 million, but the reported operating expenses of N4 billion negated the gain.

The WRPC, on the other hand, has an operational loss of N2.83 billion.

The refinery recorded revenue of N77 million but spent N2.91 billion on operations.

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