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NNPC Records N28bn Trading Surplus In September 2020

The 62nd edition of the Monthly Financial and Operations Report (MFOR) of the Nigerian National Petroleum Corporation (NNPC) which captured activities for the period of September 2020, has shown that the corporation recorded a trading surplus of N28.38 for the period under review.

The report shows that the indicated trading surplus of N28.38 billion recorded in September is slightly lower than the N29.60 billion surplus recorded in August 2020.

The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results recording 268%, 234%, 21%, 422% and 41% trading surpluses respectively over their previous month’s performance, the report stated.

The corporation further announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020.

A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August 2020.

The report showed that out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.

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