Nigeria TV Info Report

The country was losing between $300 million and $500 million monthly during the operations of the Port Harcourt Refinery, according to the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.

Ojulari disclosed this yesterday while meeting with the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at his office in Abuja.

“When I resumed, one of my first priorities was the refinery. I carried out a quick review to see if we could fix it. What I discovered was that we were losing between $300 million and $500 million every month in the refinery. We pumped about 50,000 barrels of crude into the facility, but what came out was less than 40 percent of the input,” he said.