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NNPC Reports N4.26Bn Trading Surplus In July

The Nigerian National Petroleum Corporation (NNPC) has reported an improved trading surplus of N4.26 billion in July as against the N3.92 billion surplus posted in the preceding month, representing a N34 million or 3.62 percent month-on-month increase.

These figures were contained in the corporation’s July, 2019 Monthly Financial and Operations Report (MFOR), which also reflected that its total crude oil and gas export receipts for the month stood at $390.33 million compared to the $312.93 million reported in June.

The report indicated further 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.

The corporation attributed the increase in trading surplus during the month in review to the enhanced surplus posted by its subsidiary, the Nigerian Gas Company (NGC), arising from half-year adjustments; and increased surplus recorded by its oil marketing arm, the Petroleum Products Marketing Company (PPMC).

Despite the improved performance, the state-owned oil corporation reported a significant rise of oil pipeline vandalism which hit a record high of 228 pulverized points in July, 2019 alone.

The MFOR stated further that the breached lines represented an increase of 115 per cent from the 106 vandalized points recorded in June 2019.

A statement by the corporation’s Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, indicated that out of the vandalized points, 15 failed to be welded, while five points were ruptured.

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

This is even as the Lagos Atlas Cove-Mosimi Zone logged 12 per cent with other locations recording the remaining 15 per cent of the breaks.

The corporation reported that to ensure sustained supply and distribution of Premium Motor Spirit (PMS) nationwide, it supplied a total of 1.73 billion litres of the product, translating to 55.74 million litres/day during the month under review,.

In addition, it stated its diligent monitoring of the daily stock of fuel to ensure smooth distribution of petroleum products and zero fuel queue across the Nation.

On gas supply volume, NNPC reported further that a total of 730 million standard cubic feet of gas per day (mmscf/d) were delivered to gas fired power plants in the month to generate an average power of about 2,864 megawatts.

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