NNPC Loses $1.34 Billion in 2015

by on February 4, 2016

The Nigerian National Petroleum Corp. (NNPC) made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division, Bloomberg reports.

Sales of 2 trillion naira fell short of expenses of 2.3 trillion naira, NNPC. said in a report of unaudited results published on its website Wednesday. The refining business made a loss of 82 billion naira on revenue of 730 million naira.

Nigeria has been battered by crude prices falling to 12-year lows of around $35 a barrel and President Muhammadu Buhari has made it a priority to restructure the NNPC and rid it of its inherent corruption. The Managing Director of the NNPC, Dr. Emmanuel Ibe Kachikwu also indicated last month that the NNPC will start privatizing some assets in 2018. Buhari has ruled out selling the four refineries in the cities of Port Harcourt, Warri and Kaduna.

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