Kaduna Refinery Dormancy Attributed To NNPC’s N10.96 Billion Loss

Kaduna Refinery Dormancy Attributed To NNPC’s N10.96 Billion Loss

The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries being managed by the Nigerian National Petroleum Corporation, has remained dormant. According to the corporation, the refinery’s capacity utilisation has remained at zero for months, as the KRPC is not refining crude oil despite receiving the commodity. In its latest monthly oil and gas report for June 2018, the NNPC also stated that its group trading surplus dropped from N18.11bn in May to N7.15bn in June this year. This implies that the oil firm lost N10.96bn in…

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FG Fails To Pay Fuel Subsidy Claims

FG Fails To Pay Fuel Subsidy Claims

The Senate has condemned the Federal Government for not paying the subsidy claims by petroleum product marketers despite approval by the National Assembly since July. At a meeting of stakeholders called by the Senate Committee on Petroleum (Downstream) and held in Abuja on Wednesday, senators took turns to criticise government agencies for allegedly slowing down the process of paying petroleum product marketers what was owed as and when due. The committee resolved that the Ministry of Finance should within one week call a meeting of other government agencies and the…

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