The House of Representatives has called for a forensic audit of all the rehabilitation projects for the comatose Port Harcourt, Warri and Kaduna refineries
The report of the ad-hoc committee was slated for consideration by the House last Tuesday but it was stepped down for further legislative action.
It urged NNPCL and Tecnimont SPA of Italy to ensure that Phase Two of the rehabilitation works in Refinery Areas 1&2 of the New Port Harcourt Refinery with an installed capacity of 150,000 Barrels Per Day be restored to the estimated processing capacity of 135,000 Barrels Per Day, representing 90% capacity utilisation to deliver a combined processing capacity of 189,000 Barrels Per Day from the old and new refineries and achieve the targeted date of December 2023.
“The NNPCL should ensure the immediate award of contract for the rehabilitation of the Kaduna Refinery and Petrochemical Company ; the NNPCL should strive to achieve the 3-4-year standard regular Turn Around Maintenance global best practice for the Refineries after the full and completion of rehabilitation works to ensure sustainable refinery operations and value maximisation.
The ad-hoc committee found that the three refineries became unproductive from year 2010 making a range of losses; with Port Harcourt put at 7.6% losses to the tune of N132.52 billion from 2012; Warri at 6% losses amounting to N111.37 billion naira from 2014; and Kaduna at 10% losses to the tune of N122.62 billion from 2014.
“The Port Harcourt Refinery Company carried out rehabilitation projects over a period of seven years ranging from 2013 to 2019 valued at about Twelve Billion, One Hundred and Sixty-One Million, Two Hundred and Thirty-Seven Thousand, Eight Hundred and Eleven Naira, Sixty-One Kobo only.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Subsidy: Reps demand NNPCL audit over unaccounted N2tn assetsThe House of Representatives has called for a forensic audit of the Nigerian National Petroleum Company Limited to determine its assets and liabilities as well as its current market value.
Read more »
Newspaper Headlines: Reps demand NNPC audit over unaccounted N2tn assets | TheCableReports on the controversy trailing the Nigeria Air dominated the cover pages of Nigerian newspapers.
Read more »
Unaccounted N2trn assets: Reps demand external audit of NNPCLThe House of Representatives has demanded an external audit of the Nigerian National Petroleum Company Limited to uncover its unaccounted N2 trillion
Read more »
Reps demand justice for 18-year-old killed by task forceHe said some youths on bikes came down to plead with the security personnel, but one among the security personnel shot at two of the youths
Read more »
Fuel Subsidy: House Of Reps Demands Audit Of Nigerian Company, NNPCL Over Missing N2trillion Assets Under Buhari | Sahara ReportersThe House of Representatives has called for a forensic audit of the Nigerian National Petroleum Company Limited to determine its assets and liabilities as well as its current market value. According to the House, the audit has become necessary due to the metamorphosis of the Nigerian National Petroleum Corporation into a limited liability company.
Read more »
Reps panel summons NEPC MD over status of $1.67bn crude oil revenueThe committee says the invitation of the NEPC boss is in light of the several borrowings of money despite the huge sum yet to be paid into the treasury, which could have impacted the Nigerian economy.
Read more »