In 19 straight months of not processing any barrel of crude oil, the government-owned refineries in Nigeria recorded a total loss of N177.21bn, the latest data from the Nigerian National Petroleum Corporation have shown.
The Nigerian National Petroleum Corporation (NNPC) has signed an Engineering, Procurement & Construction (EPC) contract with Tecnimont SpA, a subsidiary of Maire Tecnimont. The deal is for the rehabilitation of Port Harcourt Refining Company (PHRC).
The whopping sum of $26.5b, which the Federal Government has so far spent on the maintenance of its loss-making 445, 000 barrels/day capacity refineries, is capable of building three new refineries of the same size going by the cost analysis of refinery projects across the world.
Damilola Shittu – Abuja The Senate on Thursday agreed to probe the Nigerian National Petroleum Corporation (NNPC) over the $396m expended on turnaround maintenance of refineries in the country between 2013 and 2015. The red chamber also mandated the committees on Petroleum Downstream, Upstream and Gas to carry out a holistic investigation into the expenditure…
