NNPC declares N5.20b trading surplus in August

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

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.

It further added that the expenditure for the month followed a similar trend with increase of 7.46 per cent or ₦37.16billion, to reach ₦535.40billion during the month under review.

It declared that the proportion of expenditure to revenue was almost at par for the current month as well as in July 2019.

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.

“Total revenues generated from the sales of white products for the period August 2018 to August 2019 stood at ₦2,687.29billion, with PMS contributing about 95.19 per cent of the total sales valued at ₦2,558.13billion.

“Volume wise, 1.917billion litres of white products were sold and distributed by PPMC in the month under review, compared with 1.744billion litres in July 2019.

“This comprised 1.92billion litres of PMS and 0.00030billion litres of Automotive Gas Oil, otherwise called diesel.

“Total sale of white products for the period: August 2018 to August 2019 stood at 21.49billion litres, with PMS accounting for 20.82billion litres or 96.9 per cent,” it said

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.

“Similarly, for the period: August 2018 to August 2019, an average of 1,211.08mmscfd of gas was supplied to the domestic market, comprising an average of 723.77mmscfd or 59.76 per cent as gas supply to power and 482.32mmscfd or 40.24 per cent as gas supply to industries,” the report revealed.

It was reported that the report is the 49th edition of the corporation’s publication.