LONDON, United Kingdom. (Unic Press UK) — The Nigerian National Petroleum Corporation [NNPC] has released their monthly oil and gas report as of September 2015.
The report, which has been studied by the finance team / financial analysts at Unic Press UK, illustrates a gloomy outlook at the NNPC and for the Nigerian economy.
The outcome of NNPC report indicates that the three refineries, KRPC in Kaduna, PHRC in Port Harcourt and WRPC in Warri, are virtually ‘unproductive’ given their installed capacity.
Sept 2015 NNPC [Unaudited] Financial Report
Highlights:
- N59.4bn loss was recorded in September 2015.
- N112.5bn revenue was generated in September 2015.
- N171.9bn expenses was incurred in September 2015.
- Year-To-Date [YTD] revenue as of September 2015 was N1,283.9bn.
- Year-To-Date [YTD] expenses as of September 2015 was N1,721.7bn.
- Year-To-Date [YTD] loss as of September 2015 was N437.8bn.
- 76.92% of YTD NNPC deficit of N437.8bn is accounted for by PPMC deficit of N336.83bn.
The NNPC, said: N336.83bn deficit attributable to PPMC mainly comprises of claimable subsidy of N249.15bn, that is, 73.93% of PPMC deficit. Other causes of PPMC deficit include claimable PPMC Pipeline repairs / management cost of N73.971bn and Crude/ Product losses of N48.82bn due to vandalized pipelines.
Sept 2015 NNPC [Unaudited] Refining Capacity Utilization
Highlights:
- Crude was not processed at Warri Refining and Petrochemical Company [WRPC] in September 2015. The amount that was processed at WRPC in August was 140,778 MT.
- Crude was not processed at Kaduna Refining and Petrochemical Company [KRPC] in September 2015. The figure for August 2015 was 48,837 MT
- 35,648 MT [261,371.14 bbls] of crude was processed at Port Harcourt Refinery Company [PHRC] in September 2015.This illustrates a remarkable fall of 86.47% when compared to 263,537 MT in August 2015.
- 35,648 MT [261,371,14 bbls] of crude that was processed in September 2015 implies a combined capacity utilization of 1.96% by domestic refineries [WRPC, KRPC and PHRC].
- September 2015 capacity utilization at WPRC was circa 0.00%.
- September 2015 capacity utilization at KRPC was approximately 0.00%.
- September 2015 capacity utilization at PHRC was only 4.15%.
Sept 2015 NNPC [Unaudited] Report On Imported Petroleum Products
Highlights:
- 567.6mn litres of PMS was imported in September 2015. In August 2015, it was 701.29mn litres.
- 196.29mn litres of DPK was imported in September 2015. In August 2015, DPK was not imported.
Sept 2015 NNPC [Unaudited] Report On Petroleum Products From Domestic Refineries
Highlights:
- 72.0mn litres of PMS was sourced by domestic refineries. In August 2015, it peaked at 116.46mn litres.
- 3.7mn litres of DPK was received through domestic refineries. In August 2015, it was 83.78mn litres.
- In effect, the petroleum products [PMS and DPK] by domestic refineries in September 2015 amounted to 75.7mn litres, whilst the figure in August 2015 was 200.24mn litres.
Credit: Unic Press UK
