NNPCL Chief: Nigeria Lost Up to $500m Monthly Running Port Harcourt Refinery

NNPCL Chief: Nigeria Lost Up to $500m Monthly Running Port Harcourt Refinery

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has revealed that the country was losing between $300 million and $500 million each month when the Port Harcourt refinery was in operation.

Speaking during a meeting with the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja, Ojulari explained that a review showed the refinery was consuming about 50,000 barrels of crude oil monthly but producing less than 40 percent of that volume in refined products.