NNPC records N5.3bn trade deficit on environmental challenges

The Nigerian National Petroleum Corporation (NNPC) has reported a trade deficit of  N5.27 billion as at April, 2017, which it attributed to environmental challenges.

The deficit, which was revealed in NNPC’s  report for the month of April, is an improvement on what was reported in March where the corporation reported a N5.62billion deficit.

NNPC’s group operating revenue for the months of March 2017 and April 2017 stood at ₦354.65 billion and ₦327.47 billion respectively. Operating expenditure for the same periods were ₦360.19 billion and ₦326.88billion.

The NNPC blames the deficit on expenses by its subsidiaries, including NPMC/NPSC/ML and lowered NPDC revenue.

“Other factors that impacted the overall NNPC’s performance include production shutdown of Trans Niger Pipeline (TNP) & Nembe Creek Trunk Line (NCTL) due to pipeline leakages, shut down of Bonga Terminal for TAM and existing Force Majeure declared by SPDC as a result of the vandalized 48-inch Forcados export line after the restoration on 17th October, 2016,” the Corporation stated in the report.

The three Refineries produced 307,946MT of finished petroleum Products out of 447,738MT of Crude processed at a combined capacity utilization of 24.59% compared to 13.46% combined capacity utilization achieved in the month of March 2017.

Listing its achievements within the month, the corporation pointed to a transfer of the of N95.56 billion into the Federation Account and its success at collection of $202million from AITEO Group.

The corporation says it received about 37 bids to supply six triple agent fire-fighting trucks for NPSC in an effort to reduce to the barest minimum the incidences of fire outbreak in the 21 depots across the country. It vowed to generate about 4, 000 megawatts of power in the next ten years to boost the supply in the country.