NNPC explains N102bn operation expenses for 12 months

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NNPC explains N102bn operation expenses for 12 months
Despite the  low output of petrol in the last twelve months, the Nigerian National Petroleum Corporation (NNPC) has spent N101.69 billion on overhead expenses last year.

Benefited refineries are Warri Refining and Petrochemical Company, Port Harcourt Refining Company (PHRC), and Kaduna Refining and Petrochemical Company (KRPC).

The refineries have a combined production capacity of 445,000 barrels of oil per day (bpd). However, NNPC report revealed that none of  the refineries processed crude last year.

The breakdown shows during the year, KRPC recorded the biggest overhead expenses of N34.16 billion, followed by PHRC N33.97 billion while WRPC recorded N33.55

In January, the refineries incurred N9.6 billion operating deficit, while in February, N9.36 billion losses were incurred.

In March a consolidated loss of N10.30 billion was recorded by the three refineries and N9.6 billion in April.

In May and June, the refineries recorded losses of N9.54 billion and N10.23 billion respectively.

In July N9.05 billion losses were recorded by the three refineries.

Although the operating deficits dropped in the following months of August, September, and October, the refineries posted N7.08 billion, N7.04 billion, and N5.48 billion losses respectively.

In the last two months of the year, a N5.9 billion loss was recorded in November before increasing to N8.2 billion in December.

NNPC in its January monthly report noted that declining operational performance is attributable to the ongoing revamping of the refineries, which is expected to further, enhance capacity utilization once completed.

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