Refineries rehabilitation gulped N100bn last Year- NNPC

January 31, 2022 0 By Admin
The Nigerian National Petroleum Company Limited has disclosed that  it spent a total sum of N100bn on refineries’ rehabilitation and repairs last year,saying that investment  were pumped into revamping the facilities on a monthly basis through 2021.
The corporation maintained this sentiment in a report on the funding performance of the oil firm from January to December 2021, which was made available over the Weekend.
 Apparently  NNPC meant  the on-going rehabilitation of , Port Harcourt Refining Company,  Kaduna Refining and Petrochemical Company, as well as the Warri Refining and Petrochemical Company.
In the NNPC’s latest funding performance report, it revealed that N8.33bn was spent monthly for a period of 12 months beginning from January to December 2021 on refinery repairs.
 The Federal Government says it have been making moves to get the country’s refineries back on stream, as Nigeria currently imports bulk of its refined petroleum products.But its apparent that it appears to be puting its hope on Dangote Refinery which is expected to kick off within the current year
It should be recalled that the government invested in that refinery and controls about 20%.Even as it was disclosed last year that it would also be investing into other private refineries.