Nigeria’s refineries post N114.3 billion loss in 11 months

Nigeria’s refineries post N114.3 billion loss in 11 months

Nigeria’s refineries posted a cumulative loss of N114.3bn in the first 11 months of 2018, latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made losses in the months under review. The KRPC made a deficit of N31.62bn, PHRC recorded N44.2bn loss, while WRPC lost N38.5bn. The losses were from January to November 2018. Further analysis of figures received from the national oil firm showed that the expenses incurred by the refineries were higher than the revenue they generated during the specified period. Among the three refineries, it was observed that Kaduna refinery earned the lowest revenue of N3.1bn, while its expenses in the same period was put at N34.73bn. Port Harcourt refinery garnered a revenue of N140.82bn, while its expenses for the 11-month period was N185.03bn. For Warri r…