The Nigerian National Petroleum Corporation (NNPC) says it made a trade surplus of N18.12 billion in the month of May, higher than N17.16 billion in April 2018.
The Corporation made the disclosure in a statement signed by its Spokesman, Mr Ndu Ughamadu in Abuja on Monday.
He said details of the transactions was published in the corporation’s May 2018 edition of the Monthly Financial and Operations Reports. He noted that the report indicated that the additional monthly trade surplus of N0.96bn was mainly due to increased performance of some of the corporation’s subsidiaries.
He named the subsidiaries to include the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics. “Within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favorable variance of N18 billion due to increase in revenue with parallel decrease in expenses. “This resulted in N20.93billion net increase in the upstream gas and power surplus,’’ he said He added that the report indicated that the increase in performance was bolstered by relatively high production volumes of 1.97 million barrels per day in April, which was sold in May, thereby reducing cost per unit.
