FG refineries suffer N19bn loss in two months

FG refineries suffer N19bn loss in two months

  • Post published:May 17, 2020
  • Post category:News

The refineries owned by the Federal Government recorded a total loss of N18.96bn in the first two months of this year, the Nigerian National Petroleum Corporation has said.

Latest data from the NNPC showed that the refineries, which are managed by the corporation, lost N9.60bn in January and N9.36bn in February.

Nigeria, Africa’s top oil producer, relies largely on importation for refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.

The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.

Read more: Punch

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