By Anthony Okafor
The dismal performance of the country’s three refineries, Warri, Port Harcourt and Kaduna refineries, continued, as the refineries posted operating deficit of N8.36 billion in January 2019, according to data released by the Nigerian National Petroleum Corporation, NNPC.
The NNPC, in its Monthly Financial and Operations Report for January 2019, disclosed that deficit recorded in the month under review represented an improvement compared with the operating deficit of N17.32 billion recorded in December 2018.
Giving a breakdown of the consolidated financial statements of the three refineries, the NNPC report showed that the refineries recorded combined revenue of N33.7 billion in January 2019, rising by 209.17 per cent from N10.9 billion recorded in December 2018.
It added that the three refineries recorded crude plus freight cost of N31.58 billion, compared to N8.9 billion in the previous month; while operating expenses dipped to N10.47 billion fromN19.29 billion recorded in December 2018.
Individually, the report noted that Warri Refinery and Petrochemical Company, WRPC, recorded revenue of N32.64 billion in January 2019, compared to N9.59 billion in December; crude plus freight cost stood at N31.5 billion, as against N8.99 billion in December; operating expenses grew slightly from N3.217 billion in December to N3.57 billion; while it recorded operating deficit of N2.51 billion, dropping slightly from N2.52 billion recorded in December.
The report added that Kaduna Refinery and Petrochemical Company recorded revenue, operating expenses and operating deficit of N522.93 million, N4.26 billion and N3.74 billion respectively in January, compared to N1.25 billion, N3.07 billion and N1.83 billion respectively in December.
Port Harcourt Refining Company, PHRC, the report declared, posted N527.50 million, N2.64 billion and N2.11 billion as revenue, operating expenses and operating deficit respectively in the month under review, compared to N26.99 billion, N12.99 billion and N12.97 billion respectively.