NNPC records N6.33 billion trade surplus in May – Report

NNPC Towers: P&ID and the Petroleum ministry signed the contract here
NNPC Towers: P&ID and the Petroleum ministry signed the contract here

The Nigerian National Petroleum Corporation (NNPC) said it recorded a trade surplus of N6.33 billion for the month of May, 13 per cent higher than the N5.60 billion surplus made in April.

The corporation disclosed this in its Monthly and Operations report (MFOR) released on Sunday in Abuja

It attributed the rise to the increase in gas and power output and surplus recorded by the corporation’s downstream entities like NNPC Retail, Petroleum Products Marketing Company (PPMC), Nigerian Pipelines Security Company (NPSC) and Duke Oil.

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

”Out of this number, crude oil export sales contributed 458.59 million dollars which translates to 79.02 per cent of the entire dollar transactions compared with 342.11 million dollars contributed in the month of May,” it said

It also showed that between May 2018 and May 2019, crude oil and gas worth 5.97 billion dollars was exported.

On the downstream, the report noted that for the corporation to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06 billion litres of petrol translating to 66.49mn litres/day were supplied for the month of May.

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

“Within the period, a total of 60 pipeline points were vandalized which represents 52 per cent decrease from the 125 points vandalized in April.

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

The report attributed the improvement to 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 2019 NNPC MFOR is the 46th in the series, designed to provide greater transparency and remove the perception of opacity associated with the operations of the national oil company.

It will be recalled that the new NNPC Group of managing Director, Mele Kyari, and his team had pledged to enhance the current approach to encourage increased citizen participation and greater accountability to the public.

(NAN)

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