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NNPC, PPMC earned N981bn from petroleum products in 10 months

Michael Ebo
Nigerian National Petroleum Corporation, NNPC, through its subsidiary, the Pipeline and Product Marketing Company, PPMC, earned N981.35 billion from the sale of white petroleum products between January and October 2016.

White petroleum products comprise Premium Motor Spirit, PMS, also known as petrol, Automotive Gasoline Oil, AGO and Dual Purpose Kerosene, DPK.

NNPC, in its Monthly Financial and Operations Report for October also stated that the PPMC collected N15.61 billion as sales revenue for special petroleum products, comprising mainly of Low Pour Fuel Oil, LPFO, in the same 10-month period.

Analysis of the report showed that the PMS accounted for 87.64 per cent of PPMC’s total revenue from white products in the period under review, with N860.037 billion; while revenue from AGO and DPK stood at N65.35 billion and N55.96 billion, representing 6.66 per cent and 5.7 per cent of total white products’ revenue.

Dr Maikanti Baru, NNPC boss

Giving a breakdown of PMS sales revenue in the 10-month period, the NNPC report stated that in January, February, March, April and May 2016, N65.04 billion, N69.95 billion, N78.36 billion, 70.4 billion and N102.43 billion were received as sales revenue respectively, while N92.42 billion, N97.04 billion, N111.55 billion, N78.79 billion and N94.06 billion were earned in June, July, August, September and October 2016 respectively.

For AGO, N2.788 billion, N3.44 billion, N4.05 billion, N5.41 billion and N7.2 billion was recorded as sales revenue for January, February, March, April and May respectively, while for June, July, August, September and October, N7.13 billion, N3.26 billion, N10.53 billion, N9.51 billion and N12.04 billion were recorded respectively.

Furthermore, sales revenue from DPK stood at N4.36 billion, N11.84 billion, N3.25 billion, N3.699 billion and N6.03 billion for January to May 2016 respectively, while from June to October, the PPMC received N2.42 billion, N3.41 billion, N7.76 billion, N7.76 billion and N5.42 billion as sales revenue respectively.

In terms of volume, the NNPC stated that the PPMC distributed a total of 10.704 billion litres of white petroleum products, with PMS accounting for 9.44 billion litres, while AGO and DPK accounted for 580.4 million and 668.73 million litres respectively.

Again, in its analysis of developments in the power sector in the month of October 2016, the NNPC stated that a total of 562 million Standard Cubic Feet per day was delivered to the gas fired power plants in the month of October 2016 to generate an average power of about 2,473 megawatts (MW) compared with November 2015 to October 2016 average gas supply of 555 million Standard Cubic Feet per day and power generation of 2,473 MW.

In addition, the NNPC said, “A total export sale of $105.74 million was recorded in October, 2016. This is $25.76 million lower than the preceding month’s performance. Crude oil export sales contributed $21.40 million (or 20.24 per cent) of the dollar transactions compared with $86.80 contribution in the previous month.

“Also the export Gas sales amounted to $84.34 million in the month. Twelve month crude oil and gas transactions indicate that crude oil and gas worth $2.768 billion was exported.

“Total export proceeds of $97.29 million were recorded in October 2016 as receipt against $115.57 million in September 2016. Contribution from crude oil amounted to $18.90 million after adjusting for $2.50 million lifting deposit utilized earlier.

“Gas & Other proceeds was $78.39 million. The total receipt of $97.29 million remitted to fund the JV cash Call for the month of October 2016 to guarantee current and future production. The poor performance is attributable to attack and sabotage of oil facilities in the Niger Delta.”

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