The Nigerian National Petroleum Corporation, NNPC, has disclosed that it<\/p>\n
lost N20 billion in April due to attacks on Forcados Export Line by the
\nNiger Delta Avengers.<\/p>\n
In its Monthly Financial and Operations Report for April released in Abuja
\non Wednesday, NNPC said its revenue dipped in April by 4.99 per cent to
\nN102.45 billion from N107. 83 billion recorded in March.<\/p>\n
It states that the corporation\u2019s expenses also dipped by 3.82 per cent to
\nN121.88 billion compared to N126.72 billion spent in the preceding month.<\/p>\n
It attributed the drop to pipeline vandalism which forced one of its
\nsubsidiaries, Nigerian Petroleum Development Company (NPDC), to undertake
\na production shut-in, which resulted in the loss of monthly crude oil
\nrevenue of N20 billion.<\/p>\n
The report said \u201cNPDC deficit and low revenue in the month of February to
\nMarch 2016 and April 2016 was due to production shut\u2013in, resulting to loss
\nof entire NPDC\u2019s revenue from crude oil sales of about N20 billion
\noccasioned by vandalism of Forcados Export Line.\u201d<\/p>\n
It further blamed the poor performance on losses recorded in the
\noperations of Pipelines and Products Marketing Company (PPMC) from the
\nfuel scarcity recorded during the period.<\/p>\n
It said PPMC, being the sole supplier of last resort, in its drive to
\nbridge the petroleum products supply gap, suffered losses.<\/p>\n
It said shortage of products compelled PPMC to sometime engage in
\ncommercially unfavourable short term arrangements.<\/p>\n
Another major contributor to the loss was high operation costs in the
\nCorporate Headquarters, which included expenses related to the on-going
\nrestructuring programme at NNPC, the report said.<\/p>\n
A breakdown of the financial performance shows that in spite the shut-in,
\nNPDC recorded a profit of N2.25 billion but Integrated Data Services
\nLimited posted a loss of N476.06 million.<\/p>\n
\u201cNational Engineering Technical Company Limited recorded a deficit of
\nN167.41 million and the Nigerian Gas Company posted a profit of N4.54
\nbillion.<\/p>\n
\u201cThe NNPC Retail and the PPMC posted profit of N718.15 million and a loss
\nof N6.905 million respectively,\u201d the report states.<\/p>\n
It said that all the three refineries recorded poor financial performances.<\/p>\n
It noted that the Kaduna, Port-Harcourt and the Warri Refining and
\nPetrochemical Companies posted losses of N2.28 billion, N1.81 billion and
\nN971.04 million respectively.<\/p>\n
It further said that the Corporate Headquarters recorded a deficit of
\nN13.047 billion, while Corporate Service Units posted a loss of N1.28
\nbillion. (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian National Petroleum Corporation, NNPC, has disclosed that it lost N20 billion in April due to attacks on Forcados Export Line by the Niger Delta Avengers. In its Monthly…<\/p>\n","protected":false},"author":1,"featured_media":50001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-50000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n