Kaduna and Port Harcourt refineries cannot refine any crude oil - NNPC declares

Kaduna and Port Harcourt refineries cannot refine any crude oil - NNPC declares

- The Kaduna and Port Harcourt refineries are said to be currently dormant

- The Nigerian National Petroleum Corporation says the refineries cannot produce any crude oil

- According to report by NNPC, Wari refinery is performing better

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the Kaduna and Port Harcourt refineries cannot refine any crude oil as they are currently dormant.

Punch reports that NNPC, which released operational performance of the nation's refineries, stated that the refinery in Warri is performing better, as its capacity utilisation has appreciated considerably.

Legit.ng notes that the refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.

According to the NNPC, Port Harcourt and Warri refineries had zero percent capacity utilisation in the month of March, 2018, while Warri refinery had 51.32 per cent in the same month.

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According to further analysis, Kaduna refinery remained dormant all through the months of February and March 2018, as it refined no single barrel of crude oil.

The report stated that the capacity utilisation of Port Harcourt refinery dropped from 24.62 percent in February 2018 to zero per cent in March.

Capacity utilisation of Warri refinery, however, moved up from 8.26 per cent in February 2018 to 51.32 per cent in March. This gave a boost to the consolidated performance of the three refineries in March.

According to the report, their consolidated capacity utilisation closed at 14.41 per cent in March, up from the 13.94 per cent recorded in the preceding month.

The group profit of the NNPC was reduced by N5 billion with the cumulative performance of the refineries.

An operating surplus of N11.7 billion was made by the corporation, a total expense of N354.6 billion was incurred and a revenue of N366.3 billion was generated for the month under review.

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The report stated that it had recorded an operating surplus of N16.7 billion, a total expense of N357.6 billion and revenue of N374.4 billion in the preceding month of February 2018.

According to report, the corporation’s profit dropped in March by N5 billion, its total expenditure reduced by N3 billion, while its revenue reduced by N8.1bn.

Meanwhile, Legit.ng previously reported that out of the 35 firms that expressed interest to establish modular refineries, 13 were given licenses by the Nigerian government.

Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC), made the announcement at the Offshore Technology Conference 2018 Nigeria Oil Industry Award Dinner in the United States, where he was the special guest of honour and received an award.

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Source: Legit.ng

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