NNPC Records N6.33bn Trading Surplus In May

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NNPC Towers
By; AMOS MATHEW, Kaduna

For the month of May, the Nigerian National Petroleum Corporation (NNPC) has declared trading surplus of N6.33bn in its Monthly Financial Operations Report (MFOR).

The figure is 13 per cent higher than the N5.60 billion surplus the corporation recorded in the preceding month of April 2019.

This was contained in a statement by the Group General Manager, Group Public Affairs Division of the Corporation, Mr. Ndu Ughamadu.

The report attributed the result to the surplus recorded by the Petroleum Products Marketing Company (PPMC),  Nigerian Pipelines and Storage Company ( NPSC), Duke Oil and NNPC retail – the  downstream entities of the corporation, as a result of slight increment in gas and power output.

The report further indicated that within the period, the NNPC recorded a total of $580.32million in export sales of crude oil and gas which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed $458.59million which translates to 79.02 per cent of the entire dollar transactions compared with$342.11 million contributed in the previous month.

The report also indicated that within the period under review, the corporation recorded a total of $580.32 million in export sales of crude oil and gas which is 23.39 per cent higher than the previous month’s figure. Out of this number, crude oil export sales contributed$458.59 million which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.

The report further revealed that between May 2018 and May 2019, crude oil and gas worth$5.97 billion was exported.

In the downstream, a total of 2.06billion litres of petrol translating to 66.49mn liters/day were supplied within the period of the month under review, to ensure free flow of supply and effective distribution of petrol across the country.

Apart from maintaining uninterrupted supply of petrol, the report noted that the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the country.

On pipeline vandalization within the period, it noted that a total of 60 pipeline points were vandalized which represents a 52 percent decrease from the 125 points vandalized in April 2019.

According to the report, Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 percent and 23 percent respectively while other locations accounted for the remaining 39 percent of the total breaks.

The report also noted the efforts the corporation is making in collaborating with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate the menace of vandalism on the pipelines.

The May 2019 MFOR of the corporation is the 46th in the series designed to provide greater transparency and remove the perception of non-transparency that the national oil company was hitherto associated with in its operations.

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