New Telegraph

NNPC records N9.53bn trading deficit in one month

The Nigerian National Petroleum Corporation (NNPC) has recorded over 300 per cent trading deficit of N9.53 billion in March 2020.
The deficit, the Monthly Financial and Operational Report (MFOR) for the month released yesterday showed, represented a bearish trading in March compared to the N3.95 billion surplus posted in February 2020.
The report, a release by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated, is the 56th edition in the series.
It declared that the over 300 per cent decline in March 2020 earnings was due primarily to the huge decrease of 181 per cent in the National Oil Company’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) due to the decline in crude oil prices precipitated by the Coronavirus-induced global slowdown.
This slowdown, it stated, led to reduced exports and dwindling world oil consumption; combined with deficits posted by the refineries, among others.
The MFOR indicated a total crude oil and gas export sale of $256.19 million in March 2020 which decreased by 30.89 per cent.
Of the total sales, crude oil export sales contributed $184.59 million (72.05 per cent) of the dollar transactions compared with $281.14 million contribution in the previous month; while the export gas sales amounted to $71.60 million in the month.
The March 2019 to March 2020 crude oil and gas transactions indicated that crude oil and gas worth $4.95 billion was exported.
The NNPC also said that 218.37 billion Cubic Feet (BCF) of natural gas was produced in March, translating to an average daily production of 7493.65 million Standard Cubic Feet per day (mmscfd).
In the downstream, to ensure continuous availability of Premium Motor Spirit (PMS), otherwise called petrol, and effective distribution of the product across the country, 1.73 billion litres of PMS, translating to 59.72mn litres/day were supplied for the month.
Within the period under review, 19 pipeline points were vandalized, representing about 47 per cent decrease from the 32 points recorded in February 2020.
Atlas Cove-Mosimi accounted for 53 per cent, while Mosimi-Ibadan recorded 21 per cent and Suleja-Minna accounted for the remaining 26 per cent.

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