The Nigerian National Petroleum Corporation (NNPC) has consolidated on its operational performance with a trading surplus of ₦17.16 billion in April, 2018 indicating a 46 percent increase.
NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in a statement on Thursday said this was part of the highlight of the corporation’s Monthly Financial and Operations Report for April 2018.
The report, the 33rd edition since NNPC commenced the publication of its financial and operations report on a monthly basis as part of efforts to instil a culture of transparency and keep stakeholders and the general public informed of its activities, indicated a ₦5.43bn improvement representing 46.29 percent on the trading surplus recorded in the previous month of March, 2018.
NNPC said the report, which was presented in Abuja, showed that trading surplus was achieved due to higher performance by the upstream, midstream (refineries) and downstream sectors, and a reduction in Corporate Headquarters’ operational expenditure.
“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC)”, the report stated.
On gas, the report showed average daily production for April was 8,054.46 billion cubic feet (bcf), out of which an average of 835.27 million metric standard cubic feet (mmscf), equivalent of 3,283 megawatts of electricity, was supplied to the power sector daily during the period under review.
“The result when compared with that of April 2017, implies an increase of 496mw of power generated relative to same period last year,” it said.
About 1.61bn litres of Premium Motor Spirit (petrol) was supplied by NNPC. NNPC said it recorded a 48.21 percent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalized points in the previous month.
The Aba-Enugu pipeline segment accounted for 78 vandalized points, representing 84.78 percent of total vandalized points on the nation’s network of products pipelines, the report said.
