Petrojam projects US$6m profit for upcoming year
Published:Friday | February 19, 2021 | 12:19 AM
Petrojam, the state-owned oil refinery, says its performance is projected to remain stable in the new fiscal year, with no significant fluctuations in prices anticipated.
It said that the global crude oil market is expected to remain fairly stable with increased production by major oil producers and marginal increases in demand for petroleum products. This comes against the background of the fall off during the 2020-21 financial year owing to the impact of the COVID-19 pandemic.
This year, Petrojam says it plans to improve the operating efficiency of its ageing plant and technology through the continued refurbishing of its holding tanks and replacement of pipelines. The company is also set to replace its power-former furnace to maintain the quality of its fuel production.
The state-owned oil refinery says it will also install a wastewater treatment plant to improve compliance with the National Environment and Planning Agency’s standards.
Petrojam is projecting a net profit of US$6.1 million in the 2021-22 fiscal year. This comes on the heels of a US$10 million loss in the 2020-21 financial year.