India beats China, others in purchase of Nigerian crude in 2016, NNPC reveals

Of the 597.207 million barrels of crude oil exported from Nigeria in 2016, India had the highest demand of 127.1 million barrels (35 per cent), beating known Nigerian customers, according to the NNPC.

The country was remotely followed by Spain, which imported about 54 million barrels and Netherlands, with 40.7 million barrels, while China, believed to have been finding space as a major player in the Nigerian economy was not listed among the first 10 leading importers of the Nigerian crude.

This is contained in a publication by the Nigerian National Petroleum Corporation (NNPC) on its Crude Oil Export Destination report, sighted by Ripples Nigeria at the weekend.

The importation of Nigerian oil by the North American countries marginally increased from 5.9 million barrels in October to 13.1 million barrels in November 2016, though it had fallen bellow 5 million barrels between January to September.

NNPC said about 722.94 million litres of crude oil products were supplied into the local mrjket through the Direct Sales Direct Purchase (DSDP) arrangements.

“In this regard, about 1.003 billion litres was supplied from January to October, while 683.15 million litres of PMS and 39.79 million litres of DPK were supplied through DSDP in December 2016.

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According to the corporation, through the direct sale arrangement of the products, total revenue generated, as at December 2016, was put at N1.3 trillion, with Premium Motor Spirit (PMS) contributing about 87.67 per cent of the revenue collected with a value of N1.2 trillion.

It disclosed that production of PMS and Dual Purpose Kerosene (DPK) by the domestic refineries in December 2016 amounted to 123.18 million litres compared to 191.75 million litres in November 2016.

On the performance of the refineries, it stated: “The three refineries produced 121,555 metric tonnes (mt) of finished petroleum products out of 141,998mt of crude processed at a combined capacity utilisation of 7.6 per cent compared to 12.8 per cent combined capacity utilisation achieved in 2015.

“The adverse performance of the refineries was due to crude pipeline vandalism in the Niger Delta region coupled with on-going refineries revamp; however the three refineries continued to operate at minimal capacity. Only the Port Harcourt Refinery processed crude within the period under review.”

 

 

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