The refineries owned by the Federal Government recorded a total loss of N18.96bn in the first two months of this year, the Nigerian National Petroleum Corporation has said.
Latest data from the NNPC showed that the refineries, which are managed by the corporation, lost N9.60bn in January and N9.36bn in February.
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 Group Managing Director, NNPC, Mallam Mele Kyari, said the corporation was pursuing “a different model” for the refineries, including the type used by the Nigeria LNG Limited.
Kyari said the corporation would no longer be involved in running the refineries after their rehabilitation. The plan was to use third-party financiers and the original refinery builders to provide the requisite funding and technical support.
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