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85% of crude meant for local refineries was exported in 2014

Data from the Nigerian National Petroleum Corporation (NNPC) has shown that it exported a total of 133.7 million barrels of crude oil (equivalent to 85.4 percent) meant for the three local refineries in 2014, Daily Trust reports. Only 22.8 million barrels or 14.6 percent of the total crude for domestic refining was utilised by the refineries in Kaduna, Port Harcourt and Warri within the period.

The data showed that NNPC through its subsidiary, Pipeline and Product Marketing Company (PPMC), exported the crude under the crude exchange lifting (otherwise known as SWAP) arrangement totaling about 56.4 million barrels and offshore processing with about 21.1 million. The remaining 56.2 million barrels were regarded as unprocessed PPMC crude for the period.

Sources in the oil industry told Daily Trust that some interest groups decided to ignore local refineries by channeling the crude oil under the crude for refined product SWAP arrangement. The arrangement which in recent times has generated a lot of controversy due to the scandalous nature under which it was run, had denied the refineries the little crude they needed to operate even below capacity.

“The combined average refining capacity utilisation for year 2014 was 14.4% as against 22% in 2013,” the NNPC report added.

Source : energymixreport.com/
Posted On: 7/27/2015 12:00:00 AM

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