The Nigerian National Petroleum Corporation (NNPC) saw its trading deficit rise by 128.5% in July to N11.87bn, with the nation’s crude oil refineries responsible for most of the loss, The Punch reports.
The NNPC, in its latest financial and operations report, noted that the N11.87bn deficit was an additional loss of N6.68bn relative to the previous month’s deficit of N5.19bn. The refineries lost a total of N8.52bn in July, as their combined capacity utilisation dropped to 11.94%. The corporation said, “The unimpressive performance of the downstream is mainly due to high crude oil inventory and the shutdowns of the KRPC and the WRPC during the period.”
The country’s refineries are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company, and Kaduna Refining and Petrochemical Company. The Kaduna refinery, which did not process any crude in June and July, lost N3.6bn in July; Port Harcourt refinery lost N2.63bn; and the WRPC recorded a deficit of N2.28bn. The refineries produced 160,642MT of finished petroleum products out of 224,584MT of crude processed at a combined capacity utilisation of 11.94% compared to 12.73% combined capacity utilisation achieved in June.topics from