Financial Energy Review
The Nigerian National Petroleum Corporation, NNPC, has disclosed that a total of N81.41 billion was spent on local refineries between January and August 2020 without refining a drop of crude oil all through that period.
Also, the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period.
With revenue of N6.54bn and a total expense of N81.41bn, the facilities ended up with a deficit of N78.87bn, according to figures contained in the just-released August 2020 report of the NNPC.
The revenue, expense, and deficit of KRPC during the period under review were N6.22bn, N33.61bn, and N27.39bn respectively.
Specifically, the PHRC posted a revenue, expense, and deficit of N61m, N25.57bn, and N25.51bn respectively from January to August 2020.
Similarly, WRPC earned revenue of N257m, incurred an expense of N22.23bn, and posted a deficit of N21.98bn during the same period.
The facilities had been running without refining any volume of crude oil.
Data from the consolidated refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.
With a cumulative plant capacity of 445,000 barrels per day; the facilities posted a capacity utilisation of zero percent all through the 13-month period.
However, the volume of crude they recorded as closing stock; between August 2019 and August this year was 3.78 million metric tonnes.
