Nigeria’s refineries make profit for first time in 10 months

The nation’s refineries have posted a profit for the first in 10 months, the latest financial and operations report of the Nigerian National Petroleum Corporation has shown.

The plants are the Warri Refining and Petrochemical Company, the Port Harcourt Refining Company and the Kaduna Refining and Petrochemical Company. The refineries, which lost a total of N80.21bn from July 2017 to March 2018, posted a profit of N928.81m in April, according to the NNPC.

The corporation said total crude processed by the WRPC and the PHRC in April was 127,476 metric tonnes while the KRPC only processed intermediate 7,069MT. “This translates to a combined yield efficiency of 58.73 per cent as against the 83.64 per cent in March 2018,” it said.

The three refineries produced 252,843MT of finished petroleum products and 177,976MT of intermediate products, out of the 127,476MT of crude processed at a combined capacity utilisation of seven per cent, compared to 14.41 per cent in March.

Source: The Punch

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