NNPC Limited downstream subsidiary, NNPC Trading Limited grew its profit by 261 percent to N12.95 billion in 2021, from N3.59 billion in 2020, latest figures from the oil company has shown.

Data released by NNPC Downstream Directorate in Abuja showed operating under its former name PPMC (Petroleum and Pipelines Marketing Company), NNPC Trading also reduced demurrage costs by 85 per cent.

According to the report, PPMC served as a supplier of intervention PMS cargoes at competitive price to meet shortfall in the domestic market, adding that it “successfully negotiated and executed the emergency procurement intervention for Q4 2022 and execution of CORDPA Agreement to address decline in national production volumes to ensure National Energy Security”.
The company also successfully “processed payments for Q1, Q2, Q3 and Q4 export permits for crude oil, condensate and NGL (natural gas liquids); and successful renegotiate lease renewal and settlement of disputes for OMLs 118, 125, 128, 130, 133 and 138”.
Data on the operations of NNPC Retail Limited showed that the subsidiary achieved six per cent increase year on year in total white product sales, raking in N255.6 billion revenue and N15 billion EBITDA (Earnings before interests, taxes, depreciation and amortization). Its profit as at Q3 2022 was N14.14 billion.
The company, according to the report, also “completed the construction of two standard stations in Kaduna and Kano states, and on-boarded 71 new stations within the year (5 leased and 66 affiliate stations.