Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » NNPC earned N69bn, spent N218bn on refineries in 2019

    NNPC earned N69bn, spent N218bn on refineries in 2019

    April 5, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    *The NNPC operated Port Harcourt Refinery

    Ike Amos

    Abuja — Despite the non-functionality of the country’s three refineries — Kaduna, Warri and Port Harcourt refineries — the Nigerian National Petroleum Corporation (NNPC) said it spent N218.13 billion on the facilities in 2019.

    This was irrespective of the fact that the refineries continued to be shut down and made little contribution to Nigeria’s fuel supply in the year under review.

    Specifically, the NNPC, in its Monthly Financial and Operations Report for December 2019, stated that it Kaduna Refining and Petrochemical Company (KRPC) incurred total expenses of N65.255 billion in 2019, while Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC) incurred total expenses of N48.287 billion and N104.64 billion respectively.

    The persistent poor management of the refineries was once again brought to the fore, as despite the huge expenses, the refineries only fetched the NNPC total revenue of N68.957 billion in the year under review, leading to a deficit of N149.226 billion.

    Giving a breakdown of the revenue accrued from the three refineries, the NNPC stated that earnings from KRPC stood at N6.28 billion; while revenue from PHRC and WRPC stood at N3.52 billion and N59.155 billion respectively.

    To this end, the report noted that KRPC, PHRC and WRPC recorded trading deficit of N58.975 billion, N44.766 billion and N45.485 billion respectively in the year under review.

    Irrespective of the poor performance of the refineries, the NNPC disclosed that its total revenue from all its activities and sub-units in 2019 stood at N6.05 trillion; total expenses stood at N5.95 trillion; while it recorded trading surplus of N93.16 billion.

    NNPC’s 2019 financial performance was boosted by Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL), National Engineering and Technical Company (NETCO) and Nigerian Gas Company (NGC) with trading surplus of N304.98 billion, N15 billion, N3.6 billion and N77.77 billion respectively.

    Also, Nigerian Gas Marketing Company (NGMC), NNPC Retail Limited, Petroleum Products Marketing Company (PPMC) and Duke Oil posted trading surplus of N29.43 billion, N794 million, N22.46 billion and N13.52 billion.

    On the contrary, in addition to the unimpressive performance of the refineries, the Nigerian Pipelines and Storage Company (NPSC), NNPC Shipping, NNPC Corporate Headquarters and NNPC Ventures posted trading deficit of N19.23 billion, N11.23 billion, N181.44 billion and N13.28 billion respectively.

    The NNPC had stated that the three refineries processed no crude and produced -5,031 metric tonnes (MT) of finished products; comprising -3,052 MT and -1979 MT utilized by WRPC and PHRC respectively in November 2019, adding that the combined yield efficiency of the refineries was 0.00% owing largely to on-going rehabilitation works in the refineries.

    It added that, “For the month of November 2019, the three refineries produced 385 MT of intermediate products at combined capacity utilization of 0.00%. The intermediate product was primarily used by PHRC. The declining operational performance recorded is attributable to ongoing revamping of the refineries which is expected to further enhance capacity utilization once completed.”

    Follow us on twitter

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    Nigeria says divestment paying off as oil output rises

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.