The Federal Government spent a whooping N123.45 billion on Turn Around Maintenance (TAM) on the country’s four refineries in 12 months.
The Nigerian National Petroleum Corporation (NNPC), which disclosed this in its Monthly Financial and Operations report obtained by Ripples Nigeria on Sunday, revealed that the TAM was carried out on the refineries between October 2019 and October 2020.
The refineries are the Warri Refining and Petrochemical Company (WRPC), Port Harcourt Refining Company (PHRC), and Kaduna Refining and Petrochemical Company (KRPC).
The refineries have a combined production capacity of 445,000 barrels per day (bpd).
The PHRC has a production capacity of 210,000 bpd, KRPC 10,000 bpd, and WRPC has 125,000 bpd.
The NNPC report showed that the WRPC, KRPC, and the PHRC recorded no operating surplus in October.
In the straight 13 months, KRPC recorded the biggest loss of N45.53 billion followed by PHRC with N40.87 billion while WRPC had N37.04 billion.