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Thursday, January 3, 2013

‘NNPC earned N686bn from refined products in 2012’

The Punch - Nigeria's Most Widely Read Newspaper
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'NNPC earned N686bn from refined products in 2012'
Jan 4th 2013, 00:51

The Nigerian National Petroleum Corporation realised N686.44bn from the sale of refined products from country's three refineries in 2012.

Details of the revenues and expenditures of the refineries were contained in the corporation's budget for downstream activities, which was submitted to the National Assembly on Thursday.

For 2012, the corporation had a revenue projection of N802.88bn, but it had only realised N455.3bn as at September.

The Senate Committee on Petroleum (Downstream), however, rejected the NNPC budget because it did not contain clear details on how the revenues were generated.

The Chairman of the committee, Senator Magnus Abe, said the budget did not show what each refinery generated during the period.

The committee is expected to resume the scrutiny of the budget on return from its break next week.

The breakdown of the proposals showed that while N868.44bn was generated, the operating expenses of the refineries amounted to N654.23bn.

The corporation also embarked on a capital expenditure of N13.9bn during the last fiscal year, bringing the total expenses to N668.33bn and leaving a balance of N18.1bn of the total revenue.

It has, however, projected a higher revenue inflow of N1.003tn for 2013, with a corresponding total expenditure (operational and capital expenses) of N953.05bn.

Explaining the shortfall in the revenue target, the corporation said the “low revenue was due to plants' poor performance.”

The corporation added that the 2013 revenue, operating and capital expenses increased by 25 per cent, 3.5 per cent and 10.36 per cent respectively from envisaged benefits of the Port Harcourt Refinery's turnaround maintenance and rehabilitation.

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