NNPC loses N241bn in 10 months

29 November 2015, Abuja –  A total of N240.98bn was lost by the Nigerian National Petroleum Corporation between January and October this year, latest figures from the firm’s oil and gas report for October 2015 have shown.

NNPC Towers

NNPC Towers

The NNPC made a total revenue of N1.71tn and group expenses of N1.95tn during the period under review.

The report noted that the firm’s loss for the month of October alone was N12.22bn, down from N46.49bn recorded in September 2015.

Similarly, in the month of October, the country’s refineries lost a combined sum of N7.06bn as against N11.38bn lost in the preceding month of September.

The refineries also recorded zero capacity utilisation in the month of October.

The refineries include Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

In fact, the capacity utilisations of two refineries, WRPC and KPRC in September 2015, according to the report, were zero per cent, as both refineries processed no crude oil in the month of September.

But in October, all of them had zero capacity utilisation.

The Group Managing Director, NNPC, Dr. Ibe Kachikwu, had stated in September that non-performing refineries would be shut down at the expiration of the 90 days performance deadline given them by the oil firm.

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