NNPC records 46% surge in trading surplus

The Nigerian National Petroleum Corporation (NNPC) has consolidated on its operational performance with a trading surplus of ₦17.16 billion in the month of April 2018.

Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, disclosed this in a statement, said this was part of the highlight of the corporation’s Monthly Financial and Operations Report for April 2018.

Ndu noted that there was a ₦5.43 billion improvement representing 46.29 per cent on the trading surplus recorded in the previous month of March 2018.

According to him, the trading surplus was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well as a reduction in Corporate Headquarters’ operational expenditure.

In his words:

“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC).

“The result when compared with that of April 2017, implies an increase of 496mw of power generated relative to the same period last year.”

On Gas production

On the gas production and supply front, the report indicated that the average daily production for April 2018, stood at 8,054.46 billion cubic feet (bcf), out of which an average of 835.27 million metric standard cubic feet (mmscf), equivalent of 3,283 megawatts of electricity, was supplied to the power sector daily during the period under review.

It further showed that in the period under review, a total of 1.61 billion litres of Premium Motor Spirit (petrol) was supplied by NNPC in furtherance of the zero fuel queue policy of the Federal Government.

The NNPC said it recorded a 48.21 per cent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalised points in the previous month.

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