Monday, October 26, 2020
Home Economy NNPC records N4.26 billion trading surplus in one month

NNPC records N4.26 billion trading surplus in one month

The Nigerian National Petroleum Corporation, NNPC, yesterday, declared a trading surplus of N4.26 billion in its operations for the month of July 2019.

In a statement on its Monthly Financial and Operations Report for July 2019, the NNPC disclosed that amount recorded as trading surplus in the month of July represented an increase of 8.7 per cent compared to a surplus of N3.92 billion recorded in June 2019.

According to the NNPC, the rise in the trading surplus was due largely to the enhanced surplus posted by its subsidiary, the Nigerian Gas Company, NGC, arising from half-year adjustments; coupled with increased surplus recorded by the Petroleum Products Marketing Company, PPMC.

The NNPC also expressed concerns over the increasing menace of oil pipeline vandalism which hit a record high of 228 pulverized points in July 2019 alone.

It stated that the breached lines represented an awful increase of 115 per cent from the 106 vandalized points recorded in June 2019, adding that out of the vandalized points, 15 failed to be welded, while five points were ruptured.

The NNPC stated that the Aba-Enugu axis accounted for 35 per cent of the breaks, while Port Harcourt-Aba route recorded 22 per cent, with Ibadan-Ilorin layout hitting a 16-per cent mark.

Similarly, the NNPC noted that the Lagos Atlas Cove-Mosimi Zone logged 12 per cent with other locations recording the remaining 15 per cent of the breaks.

Furthermore, the corporation explained that to ensure sustained supply and distribution of Premium Motor Spirit, PMS, across the country, a total of 1.73 billion litres of the product, translating to 55.74 million liters/day, were supplied for the month under review, adding that it continued to diligently monitor the daily stock of fuel to ensure smooth distribution of petroleum products and zero fuel queue across the Nation.

In terms of gas supply, it said a total of 730 million standard cubic feet of gas per day, mmscfd, was delivered to gas fired power plants in the month of July 2019 to generate an average power of about 2,864 megawatts, MW.

According to the NNPC, total crude oil and gas export receipt of $390.33 million was recorded in the month under review as against $312.93 million in June 2019.

It stated that contribution from crude oil amounted to $250.35 million, while gas and miscellaneous receipts stood at $76.28 million and $63.71 million respectively.

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