Friday, January 27, 2012

FG Spends N12b Yearly on Kaduna Refinery

This Day
26 January 2012

It emerged yesterday that the Federal Government spends about N12 billion [$75m] annually to keep the Kaduna Refining and Petrochemical Company (KRPC) running, in spite of producing at  less than 35 per cent capacity.

Chairman of the Senate Committee on Petroleum (Downstream), Senator Magnus Abe, who disclosed this when he led other committee members on an oversight visit to the refinery, deplored the condition of the plant and promised to engage the Minister of Petroleum Resources, Mrs. Dieziani Alison-Madueke, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Austine Oniwon, to look for immediate remedy.

“We are not happy with the state of this refinery, it is shocking that a refinery that was built less than 30 years ago that has the projected  production capacity of 110,000  barrels per day is currently running at less than 35 per cent capacity,” Abe said.

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