05 September 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC has declared a loss of N1.64 billion in its transactions for the month of June 2017.
According to its latest Full Financial Report June 2017, its operations for the month under review indicated a trading deficit of ₦5.19 billion represented an increase in deficit compared to the previous month’s deficit of ₦3.55 billion.
This represented ₦1.64 billion lower performance than what was reported in the previous month of May 2017.
According to the report, the loss was attributed to low performance in the period relative to the previous month, to a reduction in surplus recorded in the upstream value chain.
This is despite sustaining the success recorded by its enhanced crude oil evacuation and oil lifting in June 2017 following the reopening of the Forcados Oil Terminal (FOT) on 31st March 2017, the NNPC disclosed.
However, the Corporation disclosed that the PHRC has continued to improve the performance of the midstream value chain with a significant revenue increase.
Going forward, NNPC said it is expected that a favourable business environment will afford it the opportunity to capture huge untapped value and excite ‘our teeming stakeholders’.
“Without an iota of doubt, NNPC is in need of the continued support from Nigerians especially in areas of security and our quest for zero vandalism of the Nation oil & gas infrastructures”.