Business

NNPC trading surplus jumped to N9.85bn in Sept

Baru dissociates Buhari’s Chief of Staff Kyari from N50bn NNPC kept away from TSA

From a modest N3.9 billion trading surplus in August, the Nigerian National Petroleum Corporation (NNPC) Wednesday, announced a trading surplus of N9.85bn for the month of September 2018.

The corporation, in its newly released September 2018 edition of the NNPC Monthly Financial and Operations Report, stated that the improved performance of N13.75bn increase, relative to that of August 2018, was attributable to higher revenue by the Nigerian Petroleum Development Company, the corporation’s upstream subsidiary.

NNPC Group General Manager, Group Public Affairs, Ndu Ughamadu in a statement, said NPDC’s production had been on the rise as a result of success recorded in repairs of vandalised pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal.

The report further stated that a total crude oil and gas export sale of $626.62m was made in September 2018, under the NNPC’s United States dollar transactions which was 33.32 per cent higher than what was recorded in the previous month.

The report also revealed that crude oil export sales contributed $508.54m which was 81.16 per cent of the dollar transactions compared with $337.62m contribution in the previous month.

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Export gas sales was up to $118.08m in the month, the report stated, adding that the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.45bn was exported.

The report also noted that during the period NNPC ensured petrol supply and distribution across the country and that 1.66 billion litres of petrol, translating to 55.50 million litres per day, were supplied by the corporation in September.

The NNPC further revealed that in the month under review, a total of 125 pipeline points were vandalised, out of which eight pipeline points failed to be welded and only one pipeline point was ruptured.

This translates to a significant increase from the 86 vandalised points recorded last in August.

The report showed that Aba-Enugu and Mosimi-Ibadan accounted for 36 points and 33 points, or approximately 29 per cent or 26 per cent of the vandalised points respectively, while PHC-Aba and Zaria-Gusau accounted for 10 per cent each, Atlas Cove-Mosimi and other locations accounted for 14 per cent and 11 per cent of the pipeline breaks respectively.

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