NNPC blocks downstream sector leakages worth N307bn annually

The Nigerian National Petroleum Corporation in a document on key achievements of the current management of the oil firm says it has blocked leakages in the country’s oil and gas downstream sector valued at $1bn (N307bn at the official exchange rate of N307 to a dollar) per annum.

The corporation said the leakages were blocked in the business operations conducted in Nigeria’s downstream oil sector, adding that this had made it possible for the country to save about $1bn. The oil firm also stated that it had made significant efforts in debt recovery from traders indebted to the corporation through reconciliations, payments or set-offs where necessary and had reviewed credit policies to protect revenues.

It said in the document that the corporation had rehabilitated and restored some of its key assets like the tank expansion at Atlas Cove depot, re-opening of depot facilities at Mosimi, Ibadan, Enugu, Aba and Kano, Aba-Port Harcourt pipeline, and Jetty expansion projects, among others.

On supply dynamics, it said the corporation acquired vessels, expanded its retail outlets and recently inaugurated the Apapa Single Point Mooring. The firm said transparency in the bidding process for crude oil lifting term and oil major contracts through public bid opening had been increased. It further stated that transparency in shipping, crude term contract, and Direct Sales Direct Purchase had been increased as well.

Source: The Punch

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