NNPC Corporation loses N255bn in one year

Analysis shows that the highest monthly loss recorded by the corporation was in September 2015 when it lost N46.5bn

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The January 2016 edition of the Energy in Brief bulletin of the Nigerian National Petroleum Corporation(NNPC) has shown a loss of N255.3bn at the end of 2015.

Analysis shows that the highest monthly loss recorded by the corporation was in September 2015 when it lost N46.5bn.

There were fluctuations as the loss observed in September was reduced the following month with the firm losing N12.2bn.

READ: Senate gives NLNG 7 days to provide evidence of $8bn payments of dividends since 2009

According to the corporation, “Local operational challenges such as refinery capacity below commercial threshold due to prolonged turnaround maintenance issues and pipeline vandalism and products losses have also continued to cost the NNPC a huge amount of money”.

“A total of 2,447 vandalised points were recorded between January and November 2015, resulting in a total loss of 637,550 cubic metres of crude and products valued at N56.68bn. These developments have put the corporation in a disadvantaged market position.”

There are good news regardless, as the country’s three refining companies’ operations were resuscitated in December, which helped to meet the target set by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the plants to be restored.

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