NNPC records N6.33b trading surplus in May

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N6.33 billon for May, which is 13 per cent higher than the N5.60 billion surplus posted in April.

Details of the report contained in the May edition of the NNPC Monthly Financial and Operations Report (MFOR) released yesterday attributed the modest rise to the increase in gas and power output, which contrasts with the figure for the preceding month.

The report, made public by the Group General Manager, Group Public Affairs Division of the corporation, Ndu Ughamadu, also attributed the result to the surplus recorded by the corporation’s downstream entities, like NNPC Retail, PPMC, NPSC and Duke Oil.

The report further indicated that within the period, the NNPC recorded $580.32 million in export sale of crude oil and gas, which is 23.39 per cent higher than the previous month’s figure.

From the number, crude oil export sales contributed $458.59 million, which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.

The report also showed that between May last year and May this year, crude oil and gas valued at $5.97 billion was exported.

In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06 billion litres of petrol, translating to 66.49 million litres/day, were supplied for May.

It was noted that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

Within the period, 60 pipeline points were vandalised, representing a remarkable 52 per cent decrease from the 125 points vandalised in April.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent and other locations accounted for the remaining 39 per cent of the total breaks.

The report noted the spirited efforts by NNPC, in collaboration with the local communities and other stakeholders, to continuously strive to reduce and eventually eliminate this menace.

The May NNPC MFOR is the 46th in the series designed to provide greater transparency and remove the perception of opacity hitherto associated with the operations of the national oil company.

The new NNPC management, headed by Mallam Mele Kyari, has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public.

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