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NNPC trading surplus rises by 13% to N6.33 billion in one month

By Michael Eboh

The Nigerian National Petroleum Corporation, NNPC, Sunday, announced a trading surplus of N6.33 billion for the month of May 2019.

NNPC Group Managing Director, Mele Kyar
Group Managing Director, Mele Kyar

In a statement on its Monthly Financial and Operations Report for May 2019, the NNPC disclosed that the trading surplus recorded in the month under review, represented an improvement of 13 per cent over the N5.60 billion surplus recorded in April 2019.

The report, according to the NNPC, attributed the rise in its trading surplus to the increase in gas and power output which contrasted with the figure for the preceding month and the surplus recorded in the financials of some of its downstream entities like the NNPC Retail, Petroleum Products Marketing Company, PPMC, Nigerian Pipeline Storage Company, NPSC and Duke Oil.

The report further indicated that within the period, the NNPC recorded a total of $580.32 million in export sale of crude oil and gas which is 23.39 per cent higher than the previous month’s figure.

Out of this number, the report noted that crude oil export sales contributed $458.59 million which translated to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.

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In the downstream, the report disclosed that to ensure uninterrupted fuel supply and effective distribution of petrol across the country, a total of 2.06 billion litres of petrol translating to 66.49 million liters per day were supplied for the month of May 2019.

It noted that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

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The NNPC added that, “Within the period, a total of 60 pipeline points were vandalized which represents a remarkable 52 percent decrease from the 125 points vandalized in April 2019.
“The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent respectively and other locations accounted for the remaining 39 per cent of the total breaks.

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“The report noted the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.”

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