- NNPC Loses N10.96 Billion as Kaduna Refinery Stays Dormant
The Nigerian National Petroleum Corporation (NNPC) managed Kaduna Refinery and Petrochemical Company (KRPC), one of the Four (4) crude oil refineries in Nigeria, has remained paused in a state of dormancy.
In the June 2018 monthly Oil and Gas Report of the NNPC, it was pointed out that the corporation’s trading surplus experienced a drop from N18.11 billion to N7.15 billion in May/June 2018; totaling to a N10.96 billion loss in one month.
According to the report, the performance analysis of the refineries in Nigeria revealed that the Kaduna refinery productivity has remained at a zero level; being that, despite receiving up to 78,833 metric tonnes of crude oil commodity in the months of May and June 2018, the KRPC however, refined no crude oil.
Nevertheless, The Warri Refinery and Petrochemical Company in May/June processed a 246,039 metric tonnes and 138,310 metric tonnes respectively; revealing a drop to 27.04 percent from 46.55 percent.
Unlike the low-performance level of the Warri refinery and the zero performance of the Kaduna refinery within the period under review, the Port Harcourt Refinery Company processed a 132,595 metric tonnes in May and an increased 237,875 metric tonnes in June; revealing a growth of 27.68 percent from 14.93 percent.
Although refineries in Nigeria have been in a low-performance level, the Federal Government have on several occasions called for investment in the industry.