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NNPC records 22% growth in trading surplus

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Mele Kyari, NNPC, Lukeoil
Group Managing Director, Mele Kyar

By Mike Eboh

The Nigerian National Petroleum Corporation, NNPC, yesterday, announced an increased trading surplus of N5.20 billion for August 2019, reflecting an increase of 22 per cent when compared with the N4.26 billion surplus posted in July 2019,  

In a statement on the release of its August 2019 Monthly Financial and Operations Report, the NNPC attributed the increase of 22 per cent within the period under review too, largely, the improved surplus posted by the Nigerian Petroleum Development Company, NPDC.

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The NNPC 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 2019 figures, even as 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.

The NNPC stated that its operating revenue and expenditure for August 2019, increased by 7.58 per cent at N540.60 billion, reflecting an increase of N38.10 billion compared with the previous month’s performance.

It further stated that the expenditure for the month followed a similar trend with an increase of 7.46 per cent or N37.16billion, to reach N535.40 billion during the year under review, declaring that the proportion of expenditure to revenue is almost at par for the current month as well as in July 2019.

In the downstream sector of its operations, the NNPC stated that N233.42 billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), its downstream subsidiary in August 2019, compared to N214.70 billion sales in July 2019.

Total revenues generated from the sales of white products for the period August 2018 to August 2019, according to the NNPC, stood at N2.687 trillion, with PMS contributing about 95.19 per cent of the total sales valued at N2.558 trillion.

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

This, it said, comprised 1.92 billion litres of PMS and 0.00030 billion litres of Automotive Gas Oil, otherwise called diesel, while the total sale of white products for the period: August 2018 to August 2019 stood at 21.49 billion litres, with PMS accounting for 20.82 billion litres or 96.9 per cent.

It added that “In the gas sector, out of the 1,174.97 million Standard Cubic Feet of (mmscfd) of gas supplied to the domestic market in August 2019, about 666.15 mmscfd of gas representing 56.69 per cent was supplied to gas-fired power plants while the balance of 508.82 mmscfd or 43.31 per cent was supplied to other industries.

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

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