Saturday, November 23

NNPC Posts N5.28b Surplus for Dec 2019

Dayo Omoogun

The Nigerian National Petroleum Corporation (NNPC) has announced a N5.28b trading surplus for the month of December 2019.

 

This figure represents a 34% increase over its previous month’s performance which stood at N3.95b.

This is contained in a release on Sunday signed by the Corporation’s Group General Manager (Public Affairs) Dr. Kennie Obateru which stated that the details of the performance of the oil giant are fully laid out in the Monthly Financial and Operating Reports (MFOR) for the month of December,2019.

The reports show that the impressive results arose from improved performance by some of its subsidiaries both in the Upstream and Downstream sectors. These include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.

Other factors responsible for the improved performance are, “the reduced deficit posted by NNPC corporate Headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC respectively.”

Another remarkable feat was the huge sales figure of N337.63b achieved by the Corporation’s Downstream subsidiary in charge of bulk supply and delivery, Petroleum Products Marketing Company. This figure represents over 200 percent increase over the November 2019 figure which was N105.62b.

The report also shows a 41 per cent decrease in the number of pipeline vandalized points from 68 points to 40 in the month under review. The Corporation however stated that it had stepped up collaboration with local communities towards curbing the menace.

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