refineries

Nigeria’s Refineries Post ₦406.62 Billion Loss In Two Years

August 9, 2020 7:22 am

The four refineries owned by the Federal Government made a total loss of ₦406.62bn in two years, the latest audited financial statements of the plants have shown.

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.

The country 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.

Read Also: 10 Governors Visit Dangote Refinery

The Kaduna refinery recorded a loss of ₦64.34bn …

Six Modular Refineries To Resume Work Soon In Niger Delta

October 16, 2019 1:14 am

Six modular refineries are to begin operations soon in the country, the Senior Special Assistant to the President on Niger Delta Affairs, Edobor Iyamu, has disclosed.

Addressing the ‘Dialogue on Critically Appraising Mechanisms Used To Transfer Benefits of Resource Extraction to the Niger Delta Region’ in Uyo yesterday, he stated that the move was part of efforts by the President Muhammad Buhari administration to grow local content in the Niger Delta and ensure it benefits from the opportunities accruable from oil exploration.

Consequently, the aide stressed that the Federal Government had kept its promise by ensuring that the refineries …

Poor Maintenance Culture Killed Our Refineries – NNPC

October 14, 2019 3:20 pm

The Nigerian National Petroleum Corporation (NNPC) has blamed the moribund state of the country’s refineries on lack of proper maintenance of the facilities over the years.

The NNPC, while stating that Nigeria has one of the highest numbers of technicians in the petroleum sector in the world, decried that the experts have not been adequately engaged.

The Group Managing Director of NNPC, Mr Mele Kyari, made said this when he appeared before the House of Representatives Committee on Petroleum (Upstream) in Abuja on Monday.

Answering a question on the technical capacity of the NNPC to properly manage oil exploration, refinery …

NNPC reports $226m oil revenue drop in June

NNPC Refineries record deficits of ₦141b within 13 months

June 20, 2019 1:52 am

Refineries operated by the Nigeria National Petroleum Corporation (NNPC), recorded deficits running into N141billion within 13 months, between January 2018 and January 2019.Indeed, the sum is capable of addressing capital projects in critical sectors of the economy as captured in the 2019 Budget.

A breakdown showed that the losses are capable of funding projects worth N80.29billion, which are expected to drive the agriculture sector in order to address food insecurity and set the economic diversification drive of the current administration on track.

Without borrowing, the current losses would have taken care of practically all capital allocations for health, education, as

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Nigerian Navy destroys 50 illegal refineries in Delta

June 19, 2019 12:04 pm

In continuation of its war against crude oil theft and pipeline vandalism in the Niger Delta region, the Nigerian Navy (NN) yesterday said it destroyed over 50 illegal refineries in the past 32 days around Yeye, Burutu and Ibafa creeks in Delta State.

The operatives attached to the Nigerian Navy Ship (NNS) Delta also arrested six ships – MT AYSU, MT INTERIM, MV MAMA ELIZABETH, MT MIRACLE, MV NIPAL and SD WATERMAN – as well as 80 wooden boats used by criminals for bunkering of petroleum products siphoned from the Nigerian National Petroleum Corporation (NNPC) pipelines and crude oil well …