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NNPC’s trading surplus rises to N17bn in one month

The Nigerian National Petroleum Corporation, NNPC, yesterday, announced a trading surplus of N17.16 billion in its April 2018 financials.

The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said this was an improvement of N5.43 billion, representing a 46.29 per cent increase on the trading surplus recorded in March 2018.

According to the NNPC, the trading surplus was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well as a reduction in Corporate Headquarters’ operational expenditure.

“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC)”, the NNPC said.

In the area of gas production and supply, the NNPC noted that the average daily production for April, 2018, stood at 8,054.46 billion cubic feet (bcf), out of which an average of 835.27 million metric standard cubic feet (mmscf), equivalent of 3,283 megawatts of electricity, was supplied to the power sector daily during the period under review.

“The result when compared with that of April, 2017, implies an increase of 496mw of power generated relative to same period last year,” the NNPC noted.

It further added that in the period under review, a total of 1.61 billion litres of Premium Motor Spirit, also known as petrol, was supplied by NNPC in furtherance of the zero fuel queue policy of the Federal Government.

The NNPC said it recorded a 48.21 per cent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalized points in the previous month.

According to the report, the Aba-Enugu pipeline segment accounted for 78 vandalized points, representing 84.78 per cent of total vandalized points on the nation’s network of products pipelines.

The report, the 33rd edition since NNPC commenced the publication of its financial and operations report on a monthly basis, was part of efforts to instill a culture of transparency and keep stakeholders and the general public informed of its activities.