Refineries Gulp N218.18bn in Maintenance in 2019 Says NNPC

Refineries Gulp N218.18bn in Maintenance in 2019  Says NNPCThe Nigerian National Petroleum Company has acknowledged it spent a total sum of N218.18 billion retaining the nation’s refineries in 2019.The refineries which were working below capacity over the years continue to price the nation practically the identical amount allotted to the ministry of works and housing in 2020.The three foremost refineries, Kaduna Refining and Petrochemical Firm, Port Harcourt Refining Firm and Warri Refining and Petrochemical Firm, recorded a mixed lack of N149.23 billion at some stage in the identical 365 days it incurred N218.18 billion as repairs price. Indicating that the nation is spending extra on repairs than it’s miles generating from the three refineries despite having a cumulative place in capacity of 445,000 barrels per day.From the dispute bought from the company on Wednesday, the three refineries generated mixed earnings of N68.96 billion at some stage in the 365 days below review while the complete costs incurred stood at N218.18 billion. This became once despite NNPC projecting complete earnings of N309.14 billion and an expense of N377.33 billion for the 365 days.The facilities operated below expectations for many of the 365 days, as an illustration, the company acknowledged the three facilities processed zero low and contrivance antagonistic finished merchandise in November 2019.“In November 2019, the three refineries processed no low and produced -5031 metric tonnes of finished merchandise; comprising -3052MT and -1979MT utilised by the WRPC and the PHRC respectively,” the NNPC said.It added, “Combined yield efficiency is 0.00 per cent owing largely to ongoing rehabilitation work in the refineries. For the month of November 2019, the three refineries produced 385MT of intermediate merchandise at mixed capacity utilisation of 0.00 per cent.“The intermediate product became once primarily aged by the PHRC. The declining operational performance recorded is attributable to ongoing revamping of the refineries which is anticipated to additional crimson meat up capacity utilisation once executed.”Consultants enjoy acknowledged Federal Authorities ought to unruffled cease spending noteworthy quantities on the repairs of the three outmoded refineries and focus on constructing current facilities or invest the amount on assorted viable projects.The life like amount spent on the refineries yearly is practically an such as the N262 billion budgeted for the ministry of works and housing in the 2020 nationwide funds.

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