Nigeria lost $48 million to pipeline vandalism and crude oil theft between January and June 2020, it was learnt on Tuesday.It was further learnt...
$2bn needed to replace pipelines from Excravos to KadunaNigeria lost $48 million to pipeline vandalism and crude oil theft between January and June 2020, it was learnt on Tuesday.
According to him, this year alone, the country has lost about 48 million dollars worth of crude oil due to pipeline vandalism.He said that in 2018 and 2019 alone, the country lost $825 million and $725 million respectively.He said pipelines are being destroyed within townships, not in the bush, with the active connivance of security agents, security contractors and community leaders.
He said that around 54 million litres of petroluem product are evaquated from the depots daily, but that the consumption is somewhere below that. He said that the NNPC is working with CBN to stabilize forex market for all, so that marketers will access forex at market rate and get product at market price.
“Today, in our effort to ensure price stability in collaboration with the rest of the world, our daily crude oil production is at 1.48 million barrels per day.” Kyari said: “There is such a condition that we can only extract 70 to 80 percent of the value of a crude. It is needless to operate it when you know you will lose 20% of the value.
He lamented that even if the three refineries are running, they can only produce 18 million litres of PMS per day, a figure, he said is far below 60 million litres the Group delivers every day.On the need to build new refineries, the GMD said that there are many firms that have been given license to build refineries but have been unable to do so
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