Details of the NNPC financial statement raise concerns yet again about the continued operation of refineries by the NNPC.
generated no revenue in 2018, the first audited financial statements of the Nigerian National Petroleum Corporation after 43 years of its operation have shown.
The others include the National Engineering & Technical Company Limited , Nigerian Gas and Marketing Company Limited , Duke Oil Services Limited, Duke Global Energy Investment Limited, Duke Oil Incorporated, NNPC Retail Limited, National Petroleum Investments Management Services , The Wheel Insurance, NIDAS Shipping Services, NIDAS UK Agency, and NIDAS Marine.
Aside that, details showed that in 2018, there were a total of 32 higher-paid employees of the company, other than directors, whose works were done in Nigeria. The remuneration for this set of employees range from those who earned between N100,000 and N1 million and those who earned N15 million and above. Earlier in 2017, the number of this category of staff was put at 1,022, representing about 340 percent difference in both years.
The NNPC has four major refineries, two in Port Harcourt, Rivers State, which combines to form the Port Harcourt Refining Company with a combined installed capacity of 210,000 barrels per stream day ; the Kaduna Refining and Petrochemical Company Limited with an installed capacity of 110,000 bpsd; and the Warri Refining and Petrochemical Company Limited with an installed capacity of 125,000 bpsd.For 2017, the Warri refinery functioned highest in January, utilising 42.6 per cent of its capacity.
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