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Kaduna refinery loses N14.4bn after being idle for 4 months

Kaduna Refinery Loses N14.4bn After Being Idle For 4 Months

One of the nation’s refineries, Kaduna Refining and Petrochemical Company (KRPC), did not process any crude oil from June to September this year and made a loss of N14.43bn within the period, The Punch reports.

The three government-owned refineries lost a total of N16.67bn in the third quarter of this year, the latest financial and operations report of the Nigerian National Petroleum Corporation showed. The nation’s refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company, and the KRPC. The Kaduna refinery lost N3.46bn in June, N3.6bn in July, N3.59bn in August and N3.78bn in September, the NNPC data showed.

The Port Harcourt refinery, which was idle in August, made a loss of N1.05bn in the third quarter while the WRPC recorded a deficit of N4.65bn 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.

The post Kaduna Refinery Loses N14.4bn after being idle for 4 months appeared first on Energy News | Oil and Gas News.

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Kaduna refinery loses N14.4bn after being idle for 4 months


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