Kachikwu: Nigeria losing N2.2tr monthly to ‘inefficient refineries’
Ibe Kachikwu, group managing director of the Nigerian National Petroleum Corporation (NNPC), says Nigeria has been losing N2.2 trillion monthly because of the poor state of the refineries.
He said the corporation might sell refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation.
“By the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold,” he said.
“I am determined to make a difference during my tenure. We are losing N2.2 trillion monthly to refinery inefficiency. As at today, the average refining performance is 30 per cent.
“If by December, the refineries don’t work, I will export crude allocation and import refined petroleum products until we fix the refineries.
“Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline. However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all make it, so that we can continue to utilise our crude allocation to boost domestic refining.’’
Kachikwu expressed the hope that the NNPC cash call arrears, which stood at N1.1 trillion, would be settled by the end of December 2015.
Too much money hence the waste
Good thinking; well done Kachikwu.
But the refineries are supposed to have started working at full capacity , after responding to the body language of the New Sheriff? The current figures quoted by the new GMD are even much lower than the efficiency under the serially maligned former administration. He is even threatening to sell crude allocation overseas to buy refined products, the exact “crime”of the previous administration. The more you look, the less you see. Chanji,here we come!!!!