NIGERIA: NNPC Speaks On State Of The Nation’s Refinery

….Posts 5.4trillion Naira Profit For 2024 Financial Year.

By Lisa Chankat, Abuja, Nigeria

The Nigerian National Petroleum Company said it is carrying out a rigorous engineering and financial construct, to enable the sustainability of the nation’s refinery.

Group Chief Executive Officer of the NNPC, Bayo Onjulari at a media briefing in Abuja, said the company was collaborating with private investors to ensure quality sustainable output of products, which can compete with others in the market.

Ojulari emphasised that the overhaul of the refineries would also give the country the option to export refined products.

“We are running a rigorous review of the refineries to ensure that whatever solutions we put forward, would be sustainable and the refinery is profitable. We are a limited liability company and if the refinery is not profitable then it cannot work.

“Most importantly we don’t hear the story of the refinery is working today and it’s not working tomorrow. That is not a switch, but requires rigorous engineering, rigorous commercial construct,” he said.

He added that, “This entails that we bring on board people who have a reputation in operating refineries not just anybody on the streets”.

The NNPC GCEO while presenting the company’s full-year financial report for twenty-twenty-four, revealed the net income of the company was five-point-four trillion Naira.

He said the company was pursuing a sixty billion dollar investment pipeline to expand oil and gas output with the goal to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to twelve billion cubic feet daily.

“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of ₦5.4 trillion supported by ₦45.1 trillion in revenue.

The NNPC Boss hinted that by mid next year, new partnerships and contracts would have been agreed upon to stem the fate of the nation’s refineries.