NNPC records N17.16bn trading surplus
The Nigerian National Petroleum Corporation has said that it recorded a trading surplus of N17.16bn in April.
The Group General Manager, Public Affairs, NNPC, Mr Ndu Ughamadu, said this in a statement made available to our correspondent in Abuja on Thursday.
According to him, the surplus is part of the highlights of the corporation’s Monthly Financial and Operations Report for April 2018.
The report, the 33rd edition since the national oil firm commenced the publication of its financial and operations reports on a monthly basis, indicated a N5.43bn improvement or 46.29 per cent on the trading surplus recorded in March, he added.
Ughamadu said 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.
“This enhanced performance is attributable to robust revenues from sale of crude oil and petroleum products by the NPDC and the PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company,” he quoted the report to have stated.
On the gas production and supply front, Ughamadu said the report indicated that the average daily production for April stood at 8,054.46 billion cubic feet, out of which an average of 835.27 million metric standard cubic feet (an equivalent of 3,283 megawatts of electricity) was supplied to the power sector daily during the period under review.
“The result, when compared with that of April 2017, implies an increase of 496MW of power generated relative to the same period last year,” Ughamadu said, quoting the report.
It further showed that in the period under review, a total of 1.61 billion litres of Premium Motor Spirit (petrol) was supplied by the NNPC.
The NNPC said it recorded 48.21 per cent reduction in the rate of pipeline vandalism, which fell to 166 from 224 vandalised points in the previous month.
The NNPC spokesman added that the Aba-Enugu pipeline segment accounted for 78 vandalised points, representing 84.78 per cent of total vandalised points on the nation’s network of products pipelines.