Nigeria’s three refineries lost N4.54b in August

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The Nigerian National Petroleum Corporation (NNPC) has put the losses made by Nigeria’s three refineries in the month of August at N4.54 billion, The Guardian reports.

According NNPC in its monthly financial report released on Monday, the combined value of output by the three refineries; Port Harcourt (PHRC), Kaduna (KRPC) and Warri (WRPC) (at import parity price) for August 2017 amounted to ₦25.10billion while the associated crude plus freight costs and operational expenses were ₦21.32billion and ₦8.41billion respectively. This, it noted, resulted to an operating deficit of ₦4.54billion by the refineries.

NNPC said that during the period under review, the refineries’ combined capacity utilisation was 9.50% with PHRC recording the highest of 33.83%. It put the total crude processed by the three refineries (KRPC, PHRC & WRPC) in August at 178,788MT (1,310,873.62 bbls), which translates to a combined yield efficiency of 83.36% compared with the 224,584MT (1,646,649.89 bbls) processed in July, which translates to a combined yield efficiency of 89.11%.