The Nigerian National Petroleum Corporation (NNPC), Tuesday, declared a trading surplus of N3.95 billion for February 2020, a 111 per cent growth from N1.87 billion recorded in January 2020.
In a statement in Abuja, on the release of its Monthly Financial and Operations Report for February 2020, Group General Manager, Public Affairs Division of the NNPC, Dr. Kennie Obateru, stated that the significant increase in its trading surplus was largely attributable to improved performance of the Nigerian Gas Company (NGC).
Other reasons for the growth, according to him, include the reduced deficits in the downstream units of the NNPC, and the refineries, as well as in the NNPC corporate headquarters in the month under review.
Obateru stated that the NNPC downstream subsidiary in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company (PPMC), earned N211.62 billion from the sale of white petroleum products in the month under review, compared to N151.79 billion recorded in January 2020.
The corporation’s monthly report stated: “Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and PMS accounted for 20.8 billion litres or 98.73 per cent.”
Obateru further stated that during the period under review, a total of 32 pipeline-points malfunctioned or were vandalized, representing about 47 per cent decrease from the 60 points recorded in January 2020.