NNPC Records N2.68bn Trade Surplus In May

Despite COVID-19 headwinds, the Nigerian National Petroleum Corporation (NNPC) reported a trade surplus of N2.68billion in May 2020 compared to the N30.81 billion deficit posted in April 2020.

NNPC, in its Monthly Financial and Operations Report (MFOR) on Wednesday, stated that 950.67million litres of white products were sold and distributed by the corporation’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC) in May, 2020.

This, as reported by the NNPC, comprised 950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.

Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80million litres and PMS accounted for 19,704.49million litres or 99.19 percent, according to the Corporation.

The report stated that N92.58billion was made on the sale of white products by PPMC in May 2020.

Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at N2,393.88billion, where PMS contributed about 98.84 per cent of the total sales with a value of N2,366.15billion.

NNPC Records N2.68bn Trade Surplus In May

In the gas sector, natural gas production in May 2020 increased by 2.38 percent at 226.51Billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd).

Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.

The NNPC May report stated that the Group’s operating revenue, compared to April 2020’s, increased by 15.33 percent or N31.68billion to stand at N238.33billion, while expenditure for the month decreased by 0.76 percent or N1.81Billion, to stand at N235.66billion.

The Corporation further noted that 37 pipeline points were vandalized in May representing about 43 percent decrease from the 65 points recorded in April 2020.

A breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38 per cent of the vandalized points while Atlas Cove—Mosimi axis recorded 19 percent of the breaks. Suleja-Kaduna logged 16 percent of the breaks, while other locations make up for the remaining 27 percent.

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