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Title: Three Nigerian Refineries Produce Below Capacity Summary: Three of Nigeria's four refineries are currently producing at below 50 per cent of their installed capacities with only one of the two refineries in Port Harcourt producing above average level. The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Jackson Gaius Obaseki said.
Source: Africa News Service Date: 05/26/2000 18:39
Author(s): Andrew Agbese, Abuja
Three Nigerian Refineries Produce Below Capacity
Story Filed: Friday, May 26, 2000 6:39 PM EST
Lagos (Post Express, May 26, 2000) - Three of Nigeria's four refineries are currently producing at below 50 per cent of their installed capacities with only one of the two refineries in Port Harcourt producing above average level. The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Jackson Gaius Obaseki said.
According to him, of the three, the Kaduna Refinery and Petrochemical Company (KRPC) which is currently undergoing Turn Around Maintenance (TAM), manages production of 48.3 per cent while the Warri Refinery and Petrochemical Company (WRPC) said to be balking under the yoke of a heater damage produces the least quantity with 20.26 per cent production.
The Port Harcourt Refining Company is also producing at only 28.30 per cent capacity due to power problems.
The NNPC which broke an age long tradition to make public its operating results used the opportunity of a world press conference in Abuja Thursday to give details of its performance in the first quarter of this year. This according to Obaseki is in line with the present administration's resolve to be transparent and accountable to the people of the country.
Thus, the NNPC management disclosed that for the period running from January to March 2000, reconciled figures of the corporation confirm that 29,272,430 barrels of crude oil was purchased from the federation at $278.081, dollars (N23.27 billion) at N85 per barrel.
While within the same period 11,771,905 barrels representing 40 per cent of the crude oil purchased was refined locally and the balance of 17,500,521 barrel representing 60 per cent was exported.
The proceeds from the export were used to pay for the products imported to supplement local production, obaseki said stressing that the quantity exported will however reduce as the capacity utilisation of the local refineries improves.
Meanwhile the federal ministry of finance received the sum of N15.51 billion in respect of crude oil purchase and refined between December and January 2,000 in the first quarter of this year.
The Group Managing Director who further gave quantity of products sold at the domestic market as 2,433,126,574 litres for N34.78 billion added that the sum of N328,281,767 was realised from the sale of special products during the period under consideration while 411,194 metric tons of fuel oil valued at $48.73 million (N4.636 billion) were exported.
The operating expenditure for the quarter excluding product import according to the NNPC chief executive stood at N10.764 million as against a budget of N18.700 million.
On tax, the management of the corporation declared that the sum of N6.46 billion was paid to government during the period as tax accrued on petroleum products sold during November - December 1999 and January 2,000 while cost of product imported during the period stood at N41,208 million.
The NNPC, according to the obaseki contributed $660.45 million and N29.499 million was contributed within the period to fund joint venture operations.
Copyright ) 2000 Post Express. Distributed via Africa News Online.
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