Oil refinery (file photo). Three of Nigeria’s four refineries gulped N1.64 trillion in cumulative losses recorded in their operations since 2014, details from the first-ever audited accounts and financial statements of the companies published by the Nigerian National Petroleum Corporation (NNPC) on Friday has shown. Two of these refineries are the 210,000 barrels per day capacity Port Harcourt Refining and Petrochemical Company Limited and 110,000 barrels per day Kaduna Refining and Petrochemical Company Limited. The audit reports showed that combined losses from the two refineries were N208.6 billion in 2014; N252.8 billion in 2015; N290.6 billion in 2016; N412 billion in 2017, and N475 billion in 2018. The five-year audited account details for 125,000 barrels per day Warri Refining and Petrochemical Company Limited were, however, removed from the published details by the NNPC. However, PREMIUM TIMES’ review of the published details showed cumulative losses from the operations of the […]