Determining impairment allowance for Warri refinery and petrochemical company limited by Cainergy

NNPC E&P Limited

Determining Impairment Allowance

The completion of the consultancy project undertaken by Cainergy International for the Nigerian National Petroleum Company (NNPC) Limited marks a significant milestone in the effort to enhance the financial stability and operational efficiency of the Warri Refinery and Petrochemical Company Limited (WRPC). Through a comprehensive overhaul that included technical and engineering valuation, value-in-use assessments, and impairment loss evaluations, Cainergy has provided WRPC with a holistic understanding of its assets and facilities. This detailed evaluation process ensures that NNPC has the necessary insights to make informed decisions regarding the maintenance and restructuring of its refineries, pipelines, and depots, ultimately contributing to the overall profitability and sustainability of the national petroleum industry.

Cainergy’s expertise in project management and engineering, coupled with collaboration with Financial Angel Consulting, has not only addressed the technical aspects of WRPC’s assets but also delved into the financial and accounting considerations associated with the venture. The successful completion of this project signifies Cainergy’s commitment to delivering innovative solutions for managing assets throughout their lifecycle, enabling WRPC to maximize the value derived from its crude oil processing operations. As NNPC moves forward with its strategic initiatives, the outcomes of this consultancy project will serve as a valuable foundation for informed decision-making and sustainable development in the Nigerian oil and gas sector.

Outcomes

Asset Management

The successful completion of this project has equipped WRPC with valuable insights into the technical, engineering, and financial aspects of its assets. The recommendations provided by Cainergy International and Financial Angel Consulting will serve as a foundation for WRPC's future strategic initiatives, contributing to the overall profitability and sustainability of the Nigerian National Petroleum Company Limited.