20 September 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, Thursday, announced a significant improvement in its bottom line, as its trading surplus appreciated by 46.29 percent, rising by N5.43 billion to N17.16 billion in April 2018.
The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the improvement in its financial was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well as a reduction in Corporate Headquarters’ operational expenditure.
Ughamadu said, “This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by the Nigerian Petroleum Development Company (NPDC) and the Petroleum Products Marketing Company (PPMC) as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC).”
Ughamadu further stated that average daily gas production for April 2018, stood at 8,054.46 billion cubic feet (bcf), out of which an average of 835.27 million metric standard cubic feet (mmscf), the 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 the same period last year”, Ughamadu noted.
According to him, the report pointed out that in the period under review, a total of 1.61 billion litres of Premium Motor Spirit, also called petrol, was supplied by NNPC in furtherance of the zero fuel queue policy of the Federal Government.
He added that the NNPC recorded a 48.21 percent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalized points in the previous month.
According to the report, 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.