INDUSTRY NEWS
NNPC Earns N1.95tr from Sale of White Products in One Year
T
h e Nigerian National Petroleum Corporation, NNPC, has disclosed that its downstream subsidiary, the Pipelines and Products Marketing Company, PPMC, earned N1.95 trillion from the sale of white products in one year, October 2019 to October 2020. The figure is contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports, MFOR, released recently. White products are petrol, kerosene and benzene, among others. A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said Premium Motor Spirit, PMS, also known as petrol, accounted for about 99.07% of the total sales with a value of over ₦1.9 trillion. Total sales of white products for the period under review stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres, the report said.
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Majorwaves Energy Report
FEBRUARY 2021, Vol 4 No 2
The NNPC also announced that the PPMC recorded a total of ₦158.04 billion from the sales of the white products in the month of October 2020, representing 92 percent over the N80.15 billion sales in September 2020. In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020. This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil, AGO, also known as diesel and 0.033 million litres of Dual Purpose Kerosene, DPK. Also, according to the NNPC, 23 pipeline points were vandalised in October 2020, representing about 10 percent increase from the 21 points recorded in September 2020. Of this figure, Mosimi Area accounted for 83 percent of the vandalised points while Port
Harcourt Area accounted for the remaining 17 percent. In the gas sector, the corporation said a total of 214.07 billion cubic feet, bcf, of natural gas was produced in the month of October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day, mmscfd. The daily average natural gas supply to power plants increased by 8.60% to 745mmscfd, equivalent to power generation of 2,801 megawatts. This 63rd edition of the MFOR highlights NNPC’s activities for the period of October 2019 to October 2020. In line with the corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies.
