Nigerian refineries lose N17.4bn in 2019 only

By Isa Amodu, Abuja

A report on consolidated performance of Nigerian processing plants revealed that in the last 13 months Nigeria’s refineries have been recording loses.

According to the report, in the last 13 months, none of the refineries produced a drop of fuel between July and September 2019.

The high point of the of loss was recorded in June 2019 when the three refineries made a combined loss of N17.4bn.

“In September 2019, the three refineries processed no crude but produced 967 metric tonnes of finished products; primarily from the WRPC and PHRC.

“Similar to last month, combined yield efficiency is 0.00 per cent owing largely to ongoing rehabilitation work in the refineries.

“The declining operational performance recorded is attributable to ongoing revamping of the refineries, which is expected to further enhance capacity utilisation once completed,” the report stated.

The first phase of rehabilitation for the Port Harcourt refinery complex was given to Italian firms, Maire Tecnimont and Agip.

The project started in March and had a six-month completion period.