The nation’s refineries, which have been operating below their installed capacities for many years, made a record loss of N20.08bn in May, the highest in at least three years. The plants are the Warri Refining and Petrochemical Company, the Port Harcourt Refining Company and the Kaduna Refining and Petrochemical Company.
The refineries, which lost a total of N80.21bn from July 2017 to March 2018, posted a profit of N928.81m in April, according to the Nigerian National Petroleum Corporation. The NNPC, in its latest financial and operations report of the Nigerian National Petroleum Corporation obtained on Friday, said Port Harcourt refinery lost N8.69bn, while Warri posted a loss of N7.16bn.
Kaduna refinery, which was idle in May, recorded a deficit of N4.22bn, the data showed. Total crude processed by the WRPC and the PHRC in May was 378,634 metric tonnes, translating to a combined yield efficiency of 91.42 per cent as against the 58.73 per cent in April.
The NNPC said the three refineries produced 214,328MT of finished petroleum products and 131,810MT of intermediate products out of the 378,634MT of crude processed at a combined capacity utilisation of 20.12 per cent, compared to the seven per cent achieved in April. It attributed the increase in operational performance to the ongoing revamping of the refineries, which it said would further enhance capacity utilisation once completed.