FG says Port Harcourt refinery will begin refining 60,000 bpsd by Q1 2023

Adebayo Obajemu

Worried by the increasing spate of losses, the Major Oil Marketers Association of Nigeria, MOMAN, has advised the government to urgently make a decision whether to sell, privatise or adopt the Nigerian Liquefied Natural Gas Company, NLNG model for the refineries to stop further losses.

Mr. Tunji Oyebanji, Chairman, MOMAN, gave the advice in Lagos on Wednesday when he expressed concern over the N154 billion loss recorded by Nigeria’s three refineries in the 2018 audited accounts published by the Nigerian National Petroleum Corporation, NNPC.

According to him, the losses recorded by the Kaduna, Warri and Port Harcourt Refineries during the period were disturbing.

“The results for some of the divisions are quite disturbing. We, as a country really need to decide whether we want NNPC to operate as a social service or as a fully commercial entity’’.

“The refineries in particular show very disturbing numbers and one wonders what their fate would have been in a purely private enterprise”, he said.

He, however, commended the NNPC for making public its audited accounts for the first time in its history with the publication of its 2018 Audited Financial Statement, AFS on its website.

MOMAN calls for full price liberalisation of PMS

“We are happy that the Group Managing Director, NNPC, Mr. Mele Kyari’s commitment to transparency is being manifested. This is really commendable.

“One hopes this level of transparency will be allowed to continue as it’s good for the industry, the economy, and the country,” Oyebanji said.

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