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NNPC Records N24.19BN Trading Surplus In December

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The Nigeria National Petroleum Corporation (NNPC) has on Thursday said it recorded an increase of N24.19 billion trading surplus in December 2020, compared to the N13. 43 billion surplus in November of the same year. The National oil corporation made this known in its Monthly Financial and Operation Report (MFOR) on Thursday, saying the amount represented about 80.12 per cent trading surplus. The operating revenue of NNPC in December 2020 as compared to November increased by 33.44 per cent or N137 billion, making it N546,65 billion.

“Similarly, expenditure for the month increased by 27.54 per cent or N112.81billion to stand at N522.47billion.

“The December 2020 expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020,” the report said.

According to the report, the 80.12 per cent was majorly due to the rise in profit of the NNPC upstream entity, Nigerian Petroleum Development Company (NPDC), while other contributing factors include the improved performance of the Nigerian Gas Marketing Company (NGMC), and the Petroleum Products Marketing Company (PPMC).

Also, the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated, while the downstream recorded sale and distribution of 2.26 billion litres of white products by PPMC in December 2020.

“Total sale of white products for the period of December 2019 to December 2020 stood at 18.456 billion litres and petrol accounted for 18.325 billion litres or 99.29 per cent.

“In monetary terms, the volume translates to a value of ₦288.77 billion recorded on the sale of white products by PPMC in the month of December 2020 compared to ₦226.08 billion sales in November.

“Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at ₦2.217 trillion, where petrol contributed about 99.09 per cent of the total sales with a value of ₦2.197 trillion,” the report stated.

However, the 43 oil pipeline points were vandalised, representing the 18.60 per cent increase from the 35 points recorded in November 2020.

“Mosimi Area accounted for 56 per cent of the vandalised points while Kaduna Area and Port Harcourt accounted for the remaining 33per cent and 12 per cent respectively,” it said.