The Nigerian National Petroleum Corporation (NNPC) this week, revealed that about four (4) refineries in the country lost a whopping sum of N5.7 billion in January,as a result of oil spillages, vandalisations and global decline in oil prices.
The Minister of State for Petroleum Resources, Dr, Ibe Kachikwu said last Thursday at the Shell Production and Exploration Oloibiri Lecture Series held in Abuja, that the corporation will undergo a major restructuring some time this week as part of the effort by the Federal Government to overhaul the system and split it into four to five main operational zones; the upstream, downstream, midstream, refining and the venture group.
In a report released to the press in Abuja by the NNPC, the corporation recorded a loss of N3.55 billion, in January compared to a loss of N11.86 billion recorded in the previous month.
“The Kaduna, Port Harcourt and Warri Refineries posted losses of N2.87 billion, N1.95 billion and N900 million respectively,”
According to the statement,NNPC paid N85.96 billion into the Federation Account for January 2016, while recording a loss of N3.55 billion in the same month, it also highlighted that the coporation was hit by the continous drop in global oil prices that plummeted the income from N184.4 billion recorded in December 2015 to N130.86 billion in January 2016.
“The NNPC Group’s Corporate Headquarter and Corporate Services Unit recorded a deficit of N6.37 billion and N1.32 billion respectively’’
However, the Pipeline Products Marketing Company (PPMC), The Nigerian Gas Company,NNPC Retail and the Nigerian Petroleum Development Company, (NPDC), recorded a profit of N2.25 billion, N3.94 billion, N477 million and N3.958 billion respectively.
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