NNPC Record – 2.034 trillion gasoline sales per year
Pipelines Product Marketing Company (PPMC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC), received 2015 trillion dollars from sales of Premium Motor Spirit (PMS) from November 2019 to November 2020.
The general manager of the PR group, Dr. Kenny Obateru, who said so in a statement on Sunday.
Gasoline sales accounted for about 99.9% of the total household appliance sales of $ 2.034 trillion, he said.
He said: “The total revenue generated from sales of white products from November 2019 to November 2020 was £ 2.034 trillion, of which PMS accounted for approximately 99.09% of total sales of over £ 2.015 trillion.”
The NNPC also posted a £ 13.43 billion trade surplus for November 2020, 54% higher than the £ 8.71 billion surplus recorded in October 2020.
The statement said that it was all contained in the NNPC’s November 2020 Monthly Financial and Operations Report (MFOR).
According to Obateru, the trade surplus or deficit emerged after deducting the expense profile from income for the reporting period.
The report indicated that in November 2020, NNPC Group’s operating revenue decreased slightly by 0.02%, or £ 0.09 billion, compared to October 2020, to £ 423.08 billion.
Likewise, spending for the month decreased 1.16 percent, or 4.81 billion Argentine pesos, to 409.65 billion Argentine pesos, resulting in a trade surplus of £ 13.43 billion.
The statement explains it
Overall, expenses as a share of income were 0.97 in November 2020, up from 0.98 in October 2020.
He attributed the 54% increase in the November 2020 trade surplus mainly to the significant cuts in Nigerian Gas Company (NGC) costs due to reduced overhead costs, as well as the 38% reduction in the NNPC head office deficit.
In addition, Obateru noted that the profits of the NNPC Group were boosted by a significant increase in profits from additional engineering services provided by the Nigerian Engineering and Technology Company (NETCO) and an increase in revenue from importing businesses published by Duke Oil Incorporated.
The statement reads in part: “These strong performances dominated all other NNPC subsidiaries and reflected the Group’s profitability.
The report also indicated that export sales of crude oil and gas for the month were $ 108.84 million, up 70.33% from last month.
“Export sales of crude oil brought in $ 73.09 million (67.15%) in dollar transactions, up from $ 12.38 million in the previous month; At the same time, gas exports for the month amounted to $ 35.75 million.
“The total exports of crude oil and gas for the period from November 2019 to November 2020 amounted to $ 2.89 billion.
The gas sector produced a total of 222.34 billion cubic feet (BCF) of natural gas during the reporting month, which translates into an average daily production of 7,411.52 million standard cubic feet per day (mcfd).
“For the period from November 2019 to November 2020, a total of 3,004.06 billion cubic meters were produced. Ft. Of gas, which represents an average daily production of 7,642.69 million cubic meters. Feet per day for this period.
Of this volume, production of joint ventures (JVs) accounted for 67.29%, production sharing agreements (PSC) – 19.97%, and the Nigerian Petroleum Development Company (NPDC) – 12.74%.
“Further breakdown showed that a total of 137.41 billion cubic meters of gas were sold, of which 39.99 billion cubic meters and 97.42 billion cubic meters of gas were sold in the domestic and foreign markets, respectively.
“This means that during the month the total volume of gas supplies to the domestic market amounted to 1332.82 million cubic meters. Feet per day, and for the export market – 3 247.44 million cubic meters. Feet per day.
This means that 62.55% of the daily average gas produced was sold and the remaining 37.45% was re-injected, used as fuel gas for production or flaring. The share of gas flaring for the reporting month amounted to 7.89%, which corresponds to 577.39 million cubic meters. Feet per day.
“In total, 789 million cubic meters of gas were supplied to gas power plants in November 2020. Ftpd to generate an average capacity of approximately 3,358 MW compared to October 2020, when an average of 750 million cubic meters were delivered. Feet per day.
In the downstream sector, 1.725 billion liters of white products were sold and distributed in November 2020 by the Petroleum Product Marketing Company (PPMC), a subsidiary of NNPC, up from more than 1.224 billion liters in October 2020.
This includes 1.723 billion liters of Premium Motor Spirit, 2.13 million liters of motor gasoline (AGO), also known as diesel, and 0.33 million liters of dual-use kerosene.
Total household appliance sales for the period November 2019 to November 2020 were 17.031 billion liters, and PMS was 16.911 billion liters, or 99.29%.
In monetary terms, PPMC’s white product sales in November 2020 generated £ 226.08 billion, up from £ 158.04 billion in October 2020.
“Total white product sales from November 2019 to November 2020 were £ 2.034 trillion, with PMS accounting for approximately 99.09% of total sales of over £ 2.015 trillion.
“IFOR November 2020 is the 64th in a series that started in August 2015”.
Source: – The Nation