PH Refinery Generated Zero Revenue In 2019 Yet Incurred N47bn Expenses – Atedo Peterside

 

Founder of Stanbic IBTC and Anap Foundation has disclosed that the Port Harcourt refinery in Rivers state generated no revenue in 2019.

According to Peterside, the refinery incurred processing and administrative costs of N47 billion during the same period.

The founder of Anap Foundation accused the Nigerian National Petroleum Corporation (NNPC) of pushing the country into a financial mess.

According to him, it is preferable that the refinery is sold to qualified investors.

“In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month!, ” the tweet read.

“Instead of ending this nightmare through a #BPE core investor sale, NNPC wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?”

In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month! Instead of ending this nightmare through a #BPE core investor sale, #NNPC wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?

— Atedo Peterside (@AtedoPeterside) March 28, 2021

In a related news, MuchTalksBlog reported that Federal Government has approved the sum of $1.5bn for the rehabilitation of the Port Harcourt Refinery.

The Minister of State for Petroleum Resources, Timipre Sylva, stated this while briefing newsmen at the end of the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, on Thursday.

The minister said that the rehabilitation, which would be in three phases, will commence immediately and to be handled by an Italian firm, Tecnimont S.P.A.