The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt has been dormant the Punch reports.
According to the NNPC, while the two refineries cannot refine any crude oil, the one in Warri is performing better, as its capacity utilisation has appreciated considerably.
The refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.
An analysis of the NNPC’s March 2018 operational performance of the refineries, which is the most recent, showed a capacity utilisation of zero per cent for both the PHRC and KRPC in the month under review. The WRPC recorded 51.32 per cent in the same month.
Further analysis showed that the KRPC remained dormant all through the months of February and March 2018, as it refined no single barrel of crude oil.
The capacity utilisation of the PHRC dropped from 24.62 per cent in February 2018 to zero per cent in March, the report stated.
However, the WRPC’s capacity utilisation moved up from 8.26 per cent in February 2018 to 51.32 per cent in March, giving a boost to the consolidated performance of the three refineries in March.
Their consolidated capacity utilisation closed at 14.41 per cent in March, up from the 13.94 per cent recorded in the preceding month.
Further findings showed that the decline in the cumulative performance of the refineries reduced the group profit of the NNPC by N5bn.
The corporation made an operating surplus of N11.7bn, incurred a total expense of N354.6bn and generated a revenue of N366.3bn for the month under review.
It had recorded an operating surplus of N16.7bn, a total expense of N357.6bn and revenue of N374.4bn in the preceding month of February 2018.
A comparative analysis of figures from the oil firm’s reports for the two months showed that the corporation’s profit dropped in March by N5bn, its total expenditure reduced by N3bn, while its revenue reduced by N8.1bn.
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