NNPC CEO Reveals Reasons for Continued Operation of State Refineries Despite Losses
Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), disclosed during a summit in Abuja that political pressure has led to the state-owned refineries' continued operation despite significant financial losses. Ojulari explained that a diagnostic review revealed the refineries' unsustainable model with high operational costs and low utilization rates.
The NNPC allocated crude oil to the refineries monthly, but their operational costs outweighed the returns from refined products. Dr. Joseph Obel of PETROAN highlighted the need to rehabilitate the abandoned refineries in Warri, Kaduna, and Port Harcourt to boost the economy and create job opportunities.
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