The Nigerian National Petroleum Corporation posted a group operating loss of N68.84bn between January and October 2017, The Punch reports.
According to the latest oil and gas report from the firm, the corporation made a group revenue of N3.05tn and an expense of N3.119tn during the period under review. Two subsidiaries of the NNPC, Pipelines and Product Marketing Company and Nigerian Pipelines Storage Company recorded the highest losses in the group, a development that eroded the profits made by other subsidiaries of the group in the corporation’s overall financial account.
Two of the country’s refineries, Kaduna Refining and Petrochemical Company and Warri Refining and Petrochemical Company, recorded deficits of N24.3bn and N14.95bn, respectively during the period under review. The Port Harcourt Refining Company, on the other hand, posted a surplus of N28.65bn during the 10-month period.
The NNPC’s latest report, however, showed that the corporation’s trading deficit dropped significantly in October 2017 when compared to the value recorded in the preceding month. It said the corporation “recorded a trading deficit of N0.41bn (in October 2017) which is significantly lower than the previous month’s deficit of N2.81bn. This represents 85 per cent or N2.4bn improvement compared to the last month’s performance.”