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Port Harcourt refinery records N2.5bn surplus, Warri, Kaduna in deficit

By Michael Eboh

Warri and Kaduna refineries have recorded a combined operating deficit of N2.952 billion in February 2017, while Port Harcourt had a positive bottom line, with an operating surplus of N2.42 billion.

The NNPC in its Monthly Financial and Operations Report for February 2017 obtained yesterday, disclosed that Warri Refinery and Petrochemical Company, WRPC, and Kaduna Refinery and Petrochemical Company, KRPC, posted a deficit of N1.852 billion and N1.102 billion respectively.

The report noted that in the month of January, Warri Refinery posted an operating surplus of N404.27 billion, while Kaduna Refinery recorded a deficit of N2.163 billion.

Port Harcourt Refinery, on the other hand, recorded a surplus of N5.115 billion in the month of January. The company in February recorded revenue of N47.187 billion, dropping by 6.76 per cent compared to N50.61 billion recorded in the previous month; while its crude and freight cost dipped to N42.06 billion from N42.97 billion recorded in january.

Its operating expenses rose by 6.7 per cent to N2.7 billion in February, compared to N2.52 billion in January 2017.

However, in the consolidated account of the refineries, report further pointed out that the three refineries recorded N70.97 billion in the month of February, representing a decline of 28.4 per cent from N99.11 billion recorded in the previous month, while their crude oil and freight cost dipped by 28.62 per cent from N88.24 billion in January to N62.99 billion in February.


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