The Kaduna Refining and Petrochemical Company (KRPC), one of Nigeria’s three, failed to process crude oil from June to September 2017, thus recording a loss of N14.43bn within the period, according to reports.
The three government-owned refineries lost a total of N16.67billion in the third quarter of 2017 the latest financial and operations report of the Nigerian National Petroleum Corporation showed.
The Nigeria’s refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company, and the KRPC. The Kaduna refinery lost N3.46billion in June, N3.6billion in July, N3.59billion in August and N3.78billion in September, the NNPC data showed.
The Port Harcourt Refinery, which was idle in August, made a loss of N1.05billion in the third quarter while the WRPC recorded a deficit of N4.65billion in the period as it was shut down in September. The three refineries produced 137,984MT of finished petroleum products out of 115,441MT of crude processed at combined capacity utilisation of 6.14 per cent, compared to 9.50 per cent combined capacity utilisation achieved in August.