NNPC loses N5.7bn to inefficient refineries

March 7, 2016 9:10 am

Nigeria’s four refineries lost a total of N5.7 billion in January, due to vandalism and consequent inefficient performance, the Nigerian National Petroleum Corporation (NNPC) has confirmed.

This was disclosed in the NNPC’s monthly operations and financial report for January, released on Sunday in Abuja.

“The Kaduna, Port Harcourt and Warri Refineries posted losses of N2.87 billion, N1.95 billion and N900 million respectively,” the report stated.

The corporation also said it paid N85.96 billion into the federation account for January 2016.

The corporation said it made the payment in spite of recording a loss of N3.55 billion in the same month.

It also said it paid N1.05 trillion into the federation account within a 12-month period, from February 2015 to January 2016.

Giving a breakdown of the amounts transferred in January, NNPC said N85.077 billion was from the sale of crude oil while N880.3 million was receipts from gas sales.

It noted that the corporation posted a loss of N3.55billion, compared to a loss of N11.86 billion recorded in December 2015.

According to the report, NNPC’s loss-making performance was triggered by a drop in its revenue from N184.4 billion recorded in December 2015 to N130.86 billion in January 2016.

The corporation said it recorded expenditure of N134.41 billion in the month under review compared to N196.26 billion in Dec. 2015.

It also revealed that the Nigerian Petroleum Development Company, NPDC, recorded a profit of N3.958 billion.

The Nigerian Gas Company, NNPC Retail and the Pipeline Products Marketing Company, PPMC, recorded profits of N3.94 billion, N477 million and N2.25 billion respectively.

It listed Integrated Data Services Limited (IDSL), National Engineering Technical Company (NETCO) in loss category with losses of N557 million and N215 million respectively.

“The NNPC Group’s Corporate Headquarter and Corporate Services Unit recorded a deficit of N6.37 billion and N1.32 billion respectively’’, the corporation was quoted as saying.