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NNPC records N211.62bn sales in February

The Nigerian National Petroleum Corporation (NNPC) Tuesday in Abuja announced that the total revenue recorded from the sales of white products for the period February 2019 to February 2020 stood at about N2.6 trillion, with petrol contributing about 98.06 per cent of the total sales value of about N2.5 trillion.

In a February 2020 Monthly Financial and Operations Report (MFOR), the corporation indicated that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, the Petroleum Products Marketing Company (PPMC), recorded N211.62 billion sale of white products.

Generally, petroleum oils are characterised as either black or white, with white oils including benzene, kerosene and petrol, as compared to black oils which are mainly crude oil, furnace oil, tar and asphalt.

A release by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that the figure (N211.62 billion) contained in the February, 2020 NNPC MFOR was significantly higher compared to the previous month’s record which stood at N151.79 billion.

The report stated that about 1.7 billion litres of white products were sold and distributed by PPMC in February 2020 compared to about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of PMS and 1.09 million litres of AGO. Also, there was sale of 0.01 million litres of special product, Low Pour Fuel Oil (LPFO) in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and petrol accounted for 20.8 billion litres or 98.73 per cent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures.

It said that Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining 6 per cent.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74 billion cubic feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

The corporation said that this translated to a total supply of 1,235.56 million standard cubic feet per day (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.

During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

The 55th edition of the MFOR indicated an increased trading surplus of N3.95 billion compared to the N1.87 billion surplus posted in January 2020.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company (NGC) as a result of its low expenses put at over 100 per cent.

Other reasons cited for the increased trading surplus are the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.