Home Business Refineries perform below 20% as losses persist

Refineries perform below 20% as losses persist

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crude-oil-3The consolidated performance of three of Nigeria’s refineries in Warri, Kaduna and Port Harcourt is below 20 per cent, the latest financial and operations report of the Nigerian National Petroleum Corporation has shown.

Similarly, the loss in revenue by each of the facilities has continued to drag despite the steady amount of crude oil they are taken it.

An analysis of the latest ring-fenced refineries performance in August 2016 as released by the NNPC showed that the precise consolidated capacity utilisation of the three refineries was 19.9 per cent.

This, however, was an improvement over 6.74 per cent that was recorded in July 2016.

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