Chibisi Ohakah, Abuja

Nigerian National Petroleum Corporation [NNPC] has attributed the N6.33 billion trading surplus in May to the increase in gas and power output, as well as the surplus recorded by the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil.

The May trading surplus is 13% higher than the N5.60 billion surplus posted in the preceding month of April 2019. Details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR) released on Sunday in Abuja.

The report stated that within the period, the NNPC recorded a total of $580.32 million in export sales of crude oil and gas representing 23.39% higher than the previous month’s figure. It said further that out of this number, crude oil export sales contributed $458.59 million, representing 79.02% of the entire dollar transactions compared with $342.11 million contributed in April

The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported. In order to ensure uninterrupted supply and effective distribution of petrol across the country in the downstream, a total of 2.06bn litres of petrol translating to 66.49mn liters/day were supplied for the month of May 2019.

The Corporation group general manager, public affairs, Ndu Ughamadu who made the report available, explained that the NNPC diligently monitored the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation during the month in review

“Within the period, a total of 60 pipeline points were vandalized which represents a remarkable 52% decrease from the 125 points vandalized in April 2019. The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38% and 23% respectively and other locations accounted for the remaining 39% of the total breaks,” he said

He stressed that the Corporation collaborated with the oil communities and other stakeholders in the fight against pipeline breakage and other acts of vandalism against the Corporation facilities, which he said accounts to the great reduction in the acts. The May 2019 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.

He said the current top management of the NNPC, headed by Mallam Mele Kyari, is determined to increase openness, transparency and citizenship in the business of the Corporation.

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