Nnpc reduces loss by 77 1 as refineries perform poorly

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NNPC Reduces Loss by 77% as Refineries Perform Poorly

The Nigerian National Petroleum Corporation (NNPC) has announced a significant reduction in its loss, with a decline of 77% in its financial performance for the year 2022. According to the corporation's latest financial report, the reduction in loss is attributed to the poor performance of its refineries, which have been plagued by issues such as maintenance, vandalism, and lack of investment.

The NNPC's financial report shows that the corporation recorded a loss of N1.7 trillion in 2022, compared to a loss of N7.3 trillion in 2021. The reduction in loss is a significant improvement, and the corporation attributes it to the efforts it has made to improve its operational efficiency and reduce costs.

However, the poor performance of the refineries remains a major challenge for the corporation. The refineries, which are critical to the country's energy security, have been operating below capacity due to various issues. The corporation has been working to address these issues, including the repair of damaged equipment and the implementation of new technologies to improve efficiency.

Despite the challenges, the NNPC remains committed to its goal of increasing the country's refining capacity and reducing its reliance on imported petroleum products. The corporation is working with international partners to develop new refineries and upgrade existing ones to improve their efficiency and capacity.

The reduction in loss is a welcome development for the NNPC, which has been facing financial challenges in recent years. The corporation's financial performance is closely watched by the government and the public, as it has a significant impact on the country's economy.

In a statement, the NNPC Group Managing Director, Mele Kyari, said that the corporation is committed to improving its financial performance and reducing its reliance on imported petroleum products. He said that the corporation is working hard to address the challenges facing its refineries and to increase the country's refining capacity.

"We are committed to improving our financial performance and reducing our reliance on imported petroleum products," Kyari said. "We are working hard to address the challenges facing our refineries and to increase the country's refining capacity. We believe that this will have a positive impact on the country's economy and improve the lives of our citizens."