NNPC Cuts Losses In Four Refineries By 53%
The Nigerian National Petroleum Corporation, NNPC, has cut down losses by 53 per cent in the first 10 months of 2020, due to none production in the nation’s four refineries, according to data obtained from its October 2020 Monthly Financial and Operations Report, MFOR.
The data, obtained by The Economic Confidential, showed that the Operational Expenses, OPEX, stood at N85.75 billion in the first 10 months, thus indicating a drop of 53 per cent, compared to N122.96 billion recorded in the corresponding period of 2019.
The refineries are Warri Refining and Petrochemical Company, WRPC, located in Warri, Delta State, Kaduna Refining and Petrochemical Company, KRPC, located in Kaduna, Kaduna State, and Port Harcourt Refining and Petrochemical Company (old and new), located in Port Harcourt, Rivers State.
A closer look at data from NNPC’s report showed that in October 2020, the refineries recorded N5.49 billion deficits, a drop of 53.13 per cent, compared to N11.715 billion recorded in October, 2019. For September, 2020, the total loss was N5.398 billion, down 23.69 per cent, from the N7.074 billion recorded in September, 2019.
In August 2020, the refineries recorded N7.087 billion losses, compared to N13.208 billion losses reported for August, 2019, a fall of 46.54 per cent.
Data for July, 2020 showed that the refineries recorded a total losses of N9.051 billion, down by 34.57 per cent, when compared to N13.834 billion in July, 2019.
In June 2020, the losses were 10.231 billion, down 41.26 per cent, compared to N17.419 billion recorded in June 2019. In May 2020, the losses were N9.545 billion, a drop of 29.93 per cent, from N13.623 billion losses recorded in May 2019.
Also, a combined loss of N9.686 billion was reported for April 2020, a 15.31 per cent drop from the N11.438 billion loss recorded in the corresponding month of 2019.
In March 2020, the total losses were N10.302 billion, compared to N16.034 billion losses recorded in March 2019, down 35.74 per cent. For February 2020, the three refineries recorded a total loss of N9.362 billion, down 8.73 per cent from the N10.258 billion loss recorded in February, 2021.
In January 2020, NNPC reported that the three refineries recorded N9.6 billion losses, up 14.83 per cent from N8.36 billion reported for January, 2019.