NNPC Records N5.20b Trading Benefits Surplus

The Nigerian National Petroleum Corporation (NNPC) has recorded ₦5.20billion trading benefit surplus for the month of August, reflecting an increase of 22 per cent compared with the ₦4.26 billion surpluses posted in July.

Ekohotblog learnt that the corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of August released in Abuja on Sunday.

It attributed the appreciable increase of 22 per cent within the period under review to largely the improved surplus posted by the Nigerian Petroleum Development Company (NPDC).

It explained that the percentage increase in performance of the company evened out with the decline in the performance of Nigeria Gas Company (NGC) vis-à-vis July figures.

It added that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company (NPSC) equally bolstered the figures for the month, according to the report.

A summary of NNPC’s Group Operating Revenue and Expenditure for the month under review indicated that it increased by 7.58 per cent at ₦540.60billion, reflecting an increase of ₦38.10billion compared with the previous month’s performance.

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It further added that the expenditure for the month followed a similar trend with an increase of 7.46 per cent or ₦37.16billion, to reach ₦535.40billion during the month under review. In the Downstream Sector of the corporation’s operations, the report noted that ₦233.42billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), the Downstream subsidiary of the NNPC in August compared to ₦214.70 billion sales in July.

While in the Gas Sector, it said that out of the 1,174.97million Standard Cubic Feet (mmscfd) of gas supplied to the domestic market in August, about 666.15mmscfd of gas representing 56.69 per cent was supplied to Gas-Fired power plants. According to the report, the balance of 508.82mmscfd or 43.31 per cent was supplied to other industries.