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NNPC Pays N85.96 Bn Into Federation Account, Reopens Port Harcourt refinery

by on March 7, 2016
 

The Nigerian National Petroleum Corporation (NNPC) says it has paid N85.96 billion into the Federation Account for January 2016.
This was contained in its Monthly Operations and Financial Report for January, released on Sunday in Abuja.
The corporation said it made the payment in spite of recording a loss of N3.55 billion in the same month.
It also said it paid N1.05 trillion into the Federation Account within a 12-month period, from February 2015 to January 2016.
Giving a breakdown of the amounts transferred in January, NNPC said N85.077 billion was from the sale of crude oil while N880.3 million was receipts from gas sales.
It noted that the corporation posted a loss of N3.55billion, compared to a loss of N11.86 billion recorded in December 2015.
According to the report, NNPC’s loss-making performance was triggered by a drop in its revenue from N184.4 billion recorded in December 2015 to N130.86 billion in January 2016.
The corporation said it recorded expenditure of N134.41 billion in the month under review compared to N196.26 billion in December 2015.
It also revealed that the Nigerian Petroleum Development Company, (NPDC), recorded a profit of N3.958 billion.
The Nigerian Gas Company, NNPC Retail and the Pipeline Products Marketing Company, PPMC, recorded profits of N3.94 billion, N477 million and N2.25 billion respectively.
It listed Integrated Data Services Limited, IDSL, National Engineering Technical Company, NETCO in loss category with losses of N557 million and N215 million respectively.
“The Kaduna, Port Harcourt and Warri Refineries posted losses of N2.87 billion, N1.95 billion and N900 million respectively.
“The NNPC Group’s Corporate Headquarter and Corporate Services Unit recorded a deficit of N6.37 billion and N1.32 billion respectively,” the corporation was quoted as saying.

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The Nigerian National Petroleum Corporation, NNPC, weekend, said it has reopened the Port Harcourt refinery, about six weeks after it was shut down, while it also disclosed that it has stepped up efforts to bring the fuel scarcity currently witnessed across the country to an
end.

This was even as the NNPC also stated that it paid N85.96 billion into the Federation Account for the month of January 2016, despite recording a loss of N3.55 billion in the same month.

Speaking during a tour of petrol stations in Abuja to assess the fuel crisis situation, Group Executive Director, Commercial and
Investment, Mr. Victor Adeniran said Warri  and Kaduna refineries could not resume  production at the moment because the
pipeline network supplying crude oil to the two refineries had been sabotaged and were yet to be fixed.

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He appealed to Nigerians to be patient, stating that over the last three days, it had flooded the market with petrol and that in the
next few days, the queues witnessed at petrol stations would disappear.

He said, “We want to appeal to Nigerians to bear with us. Part of what the NNPC has done was making sure the refineries are back on
stream. The reasons the refineries are not working today is because the pipelines that are supposed to supply crude oil to them are
not working. We are almost there.

“You can imagine if we have been able to put  the Escravos – Warri pipeline into use, Warri refinery would have been up and running and
part of this problem would have been alleviated.

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“Port Harcourt is working because we have been able to fix the Bonny – Port Harcourt line. As I am talking to you, we are
transporting crude oil from Bonny to Port Harcourt refinery. Kaduna cannot work because Warri also supplies Kaduna with
product.”

He appealed to Nigerians to join in the fight against pipeline vandalism and oil theft, stating that the challenges currently
witnessed in the supply of petrol across the country was due to the sabotage of the pipeline. It should be noted that this is the
second time in less than six months that Port Harcourt refinery was shut down and reopened.

Commenting on NNPC’s strategies to end the fuel scarcity, Adeniran further stated that since Thursday, it had made special
arrangement for intervention trucks, with a carrying capacity of 60,000 litres of petrol.

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