SAN FRANCISCO, March 23, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) had announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year, an increase of about 34 per cent.
The corporation noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), also posted N337.63 billion sales during the period under review.
A statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that the details of the surplus were captured in December 2019 edition of NNPC’s Monthly Financial and Operations Report (MFOR).
On pipeline vandalism, the Mosimi-Ibadan axis accounted for 31 per cent of the breaks-in, while Atlas Cove-Mosimi network witnessed 19 per cent in November.
ALSO READ: CBN Stops All Dollar Sale To NNPC
But the figures seemed to have increased in the latest report with the breakages spiking to 35 per cent and 30 per cent respectively, leaving the rest of the country with 35 per cent of the cases of pipeline vandalism.
Before the latest development, most of the damage to pipelines was reportedly carried out in the Niger Delta.
The corporation explained that the 34 per cent increase in trading surplus for the period resulted from improved performances by some of its entities both in the upstream and downstream sectors.
It listed NNPC’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.
About the Author
