NNPC posts May trading surplus of N6.33 billion

Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N6.33 billion for May 2019.

The corporation announced this in its Monthly Financial and Operations Report (MFOR) released on Sunday.

According to the NNPC report, trading surplus recorded in May was 13% higher than the N5.60 billion surplus posted in the preceding month of April 2019.

The report shows that a total of $580.32 million was generated in the export sales of crude oil and gas, and this is about 23.39% higher than the previous month’s figure.

According to the report, out of the total revenues earned, crude oil export sales contributed $458.59 million, which translates to 79.02% compared with $342.11 million contributed in the previous month.

The report also shows that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.

Similarly, in the downstream, a total of 2.06 billion litres of petrol translating to 66.49 million litres/day were supplied.

The NNPC attributed the rise partly to the increase in gas and power output which contrasts with the figure for the preceding month.

Ndu Ughamadu, the Group General Manager, Group Public Affairs Division of the Corporation, said the surplus recorded was due to the Corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil.

The report further revealed that vandalization of pipelines dropped drastically in May by 52%. Within the period, a total of 60 pipeline points were vandalized, which represents 52% decrease from the 125 points vandalized in April 2019.

The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38% and 23% respectively, while other locations accounted for the remaining 39% of the total breaks.

The corporation reiterated it’s commitment to o continuing its collaboration with the local communities and other stakeholders in order to eventually eliminate pipeline vandalism in the country.