NNPC records loss following six months of profit

The August 2018 edition of the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) released Thursday indicated that after about six months of recording back-to-back profit on its operations, the corporation slid back to loss-making with about N3.90 billion incurred as operational deficit for the period.

The report also showed that eight subsidiaries of the corporation have persisted in making losses for the state-run oil firm. The eight subsidiaries with their persisted poor operational performances were listed by the corporation in the report. According to the report, the three refineries of the NNPC in Warri; Port Harcourt; and Kaduna, collectively incurred an operational deficit of N10.79 billion, making them the largest loss-making subsidiaries of the corporation.

The other loss-making subsidiaries of the corporation according to the report included the Nigerian Pipelines and Storage Company Limited (NPSC) which is charged with the task of building, maintaining and managing pipeline and storage infrastructure of the NNPC across Nigeria, the NNPC Shipping; the NNPC Ventures and the corporation’s corporate headquarters.

Source: THIS DAY

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