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Nigerian Oil Refineries Operated at 10% Capacity in August Recording N31.7bn Loss

Despite earlier claims of robust performance by the management of Nigeria’s three refineries in Port Harcourt, Warri and Kaduna, the refineries actually recorded average capacity utilization of 10.04 per cent, according to the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) for January to August 2015.

NNPC report indicates that during the eight-month period under review, the three refineries operated at a total loss of N31.682 billion, with Kaduna refinery accounting for the highest loss of N26.183 billion, while Warri and Port Harcourt refineries made losses of N8.496 billion and N8.057 billion respectively.

The Kaduna refinery operated at a loss of N5.111 billion in January; N2.673 billion in February; N2.260 billion in March; N3.045 billion in April; N2.595 billion in May; N2.662 billion in June; N3.847 billion in July and N3.990 billion in August.
But Warri refinery recorded profits of N4.668 billion and N79 million in the months of January and July, respectively, but recorded losses in February (N1.390 billion), March (N1.338 billion), April (N1.753 billion), May (N1.288 billion), June (N1.532 billion) and August (N1.195 billion).
Port Harcourt refinery also recorded profits of N705 million in March, N557 million in July and N5.045 billion in August. The refinery, however, operated at a loss of N1.497 billion in January, N1.705 billion in February, N1.437 billion in April, N1.713 billion in May and N1.705 billion in June.

The NNPC report blamed “combined factors of low crude oil supply due to vandalized pipelines, plant preservation cost to maintain plant integrity and rehabilitation/turn around maintenance work” for the deficit months prior to August. Source” ThisDayLive

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