NNPC declares N5.20 billion trading surplus| The Nigerian National Petroleum Corporation www.nnpcgroup.com has said that it made ₦5.20 billion trading surplus for the month of August. Compare with July, 2019 this translate to a 22% increase from ₦4.26 billion.

The corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of August released in Abuja on Sunday.

This is attributed the increase to surplus posted by the Nigerian Petroleum Development Company (NPDC).

It 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 figures.

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, according to the report.

A summary of NNPC’s Group Operating Revenue and Expenditure for the month under review indicated that it increased by 7.58% at ₦540.60 billion, reflecting an increase of ₦38.10 billion compared with the previous month’s performance.

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Expenditure for the month followed a similar trend with increase of 7.46% or ₦37.16 billion, to reach ₦535.40 billion during the month under review.

The report shows that the proportion of expenditure to revenue was almost at par for the current month as well as in July 2019.

In the Downstream Sector of the corporation’s operations, the report noted that ₦233.42 billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the NNPC in August compared to ₦214.70 billion sales in July.

“Total revenues generated from the sales of white products for the period August 2018 to August 2019 stood at ₦2. 687 trillion, with PMS contributing about 95.19% of the total sales valued at ₦2.558 trillion.

In terms of volume, 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 comprised 1.92 billion litres of PMS and 0.00030 billion litres of Automotive Gas Oil, otherwise called diesel.

“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 said

In the Gas Sector, it said that out of the 1,174.97 million Standard Cubic Feet (mmscfd) of gas supplied to the domestic market in August, about 666.15 mmscfd of gas representing 56.69 per cent was supplied to Gas-Fired power plants.

According to the report, 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,” the report revealed.

 

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