WELCOME TO R!NEWS: Finance: Nigeria's state oil firm posts N18.12 billion trading surplus

Nigeria's state oil firm posts N18.12 billion trading surplus

The report indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018.

Nigeria's state oil firm, Nigerian National Petroleum Corporation (NNPC), has announced a trading surplus of N18.12 billion for May 2018.

The surplus is higher than the N17.16 billion recorded in April.

Ndu Ughamadu, the firm's spokesperson, stated this in a statement on the May 2018 edition of the monthly NNPC Financial and Operations Reports, released in Abuja on Monday, October 1, 2018.

According to the statement, monthly trading surplus of N0.96 billion was mainly due to increased performance of some of the Corporationâ€s subsidiaries namely, the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics.

"During the period under review, the NNPC group performance was mainly impacted by NPDCâ€s activities, which recorded a favourable variance of N18.22 billion due to an increase in revenue with an attendant decline in expenses.

"This resulted in N20.93 billion net increase in the upstream gas and power surplus."

The report also indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018, which was sold in May 2018 thereby reducing cost per unit.

The NNPC said it will continue to monitor petrol evacuation figures from depots across the nation and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through the existing Joint Monitoring Team.

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