NNPC recorded ₦211.62 billion downstream sales in February

By tataafo.com – 13th May, 2020

The Nigerian National Petroleum Corporation (NNPC), on Tuesday, announced sales of ₦211.62 billion of its white product in the downstream subsidiary company in charge of bulk sales and distribution of petroleum products.

The corporation said the Petroleum Products Marketing Company (PPMC), recorded sales in February 2020, a release by the corporation’s  General Manager, Group Public Affairs Division, Dr Kennie Obateru, said.

The corporation explained that the figure (₦211.62 billion), contained in February 2020, NNPC Monthly Financial and Operations Report (MFOR), was  higher compared to the previous month’s record which stood at ₦151.79 billion.

The February 2020 MFOR also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6 trillion, with petrol contributing about 98.06 per cent of the total sales value of about ₦2.5 trillion.

The report stated that “about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with 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 a 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 PMS 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.

“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 of gas supplied in February 2020, 146.54 billion cubic feet was commercialised, consisting of 35.83 billion cubic feel and 110.71 billion cubic feet for the domestic and export market respectively, translating to a total supply of 1,235.56 million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,817.40 mmscfd of gas supplied to the export market for the month.

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

The 55th edition of the MFOR indicates an increased trading surplus of ₦3.95 billion compared to the ₦1.87 billion surplus posted in January 2020.”

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