The Nigerian National Petroleum Corporation said the nation’s refineries did not refine a barrel of crude oil in the 12 months to June this year but incurred a combined operating expense of N142.07bn.
The NNPC in it’s latest data attributed the declining operational performance of the refineries to ongoing revamp aimed at further enhancing their capacity utilisation once completed.
The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day,but have continued to operate far below the installed capacity due to the importation of every petroleum product being consumed in the country.
The corporation also said the combined value of output by the refineries at import parity price for the month of June amounted to about N40m.
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