NNPC Posts N9.9bn Trading Surplus in September

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Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it posted a trading surplus of N9.85 billion for the month of September 2018, in its business.
It said the figure was higher than the previous month’s deficit of N3.90 billion.

The statement, in a statement from its Group General Manager Public Affairs, Mr. Ndu Ughamadu, said details of the trading surplus was contained in the newly released September 2018 edition of its monthly financial and operations report.

It indicated the improved performance was as a result of higher revenue by its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
According to it, NPDC’s production has been on the rise as a result of success recorded in repairs of vandalised pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal.

It equally explained that total crude oil and gas export sale of $626.62 million was made in September, 2018 under the NNPC’s US dollar transactions which is 33.32 per cent higher than the previous month.
It stated that crude oil export sales contributed $508.54 million which was 81.16 per cent of the dollar transactions compared with $337.62 million contribution in the previous month.

It also said that export gas sales amounted to $118.08million in the month, adding that the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.45 billion was exported.

In the downstream sector, the report noted that during the period, NNPC continued to ensure increased petrol supply and effective distribution across the country, saying that 1.66 billion litres of petrol, translating to 55.50 million litres per day, were supplied by it.

More details later…