Nigeria: NNPC Records N5.28bn Trading Surplus for December 2019
The Nigerian National Petroleum Corporation (NNPC) Sunday announced an increase in trading surplus to the tune of N5.28 billion in its December 2019 operations compared to the N3.95 billion surplus posted in November last year, an increase of about 34 per cent.
The corporation noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), also posted N337.63 billion products sales during the period under review.
A statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, explained that details of the surplus were captured in the December 2019 edition of NNPC’s Monthly Financial and Operations Report (MFOR).
But the incessant breaches of the corporation’s pipelines, which indicated that the Mosimi-Ibadan axis accounted for 31 per cent of the breaks while Atlas Cove-Mosimi network witnessed 19 per cent in November, seemed to have increased in the latest report with the breakages spiking to 35 per cent and 30 per cent respectively, leaving the rest of the country with 35 per cent of pipelines vandalism.
Before now, most of the damages to pipelines were reportedly carried out in the Niger Delta where the country’s oil and gas resources are found.
The corporation explained that the 34 per cent increase for the period resulted from improved performances by some of its entities both in the upstream and downstream sectors.
It listed NNPC’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.