News Oil & Gas

NNPC spends $396.33m on four refineries in 10 years

Nigerian National Petroleum Corporation (NNPC) has spent $396.33m on turn around maintenance (TAM) of the nation’s four refineries between 1998 and 2008, it emerged yesterday.

This as the oil company denies being responsible for the payment of fuel subsidy, saying the Federal government was responsible.

NNPC Documents made available to the Mohammed Datti-led Ad-hoc Committee investigating the status of the nations four refineries, the Turn Around Maintenance (TAM) to date and regular modular licensed refineries yesterday provided details of money spent on each of the nation’s refineries.

Of $91.5m proposed for Kaduna refinery, $87.517m was spent, while $151.170m proposed for Warri refinery was spent.

The figures were exclusive of the period of last administration to date.

Kraga, who represented NNPC disclosed that Federal Government is responsible for subsidy payment  and not the Corporation.

The committee was not satisfied with the scanty details provided by Kraga and directed NNPC to submit certificate of completion of various contracts awarded, five-year audited account of the four refineries with the view to ascertain compliance with the Public Procurement Act, 2007.

The Committee wondered where the Corporation sourced the money for payment of subsidy to the tune of trillions of naira, while the natuins refineries could not produce to capacity due to fund paucity.

As a result, Committee chairman Datti gave the Corporation one week ultimatum to comply and revert back to the Committee.

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