Revamped Forcados terminal slashed NNPC’s trading deficit in August

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A monthly report of the NNPC has disclosed that the state-run oil firm reduced its operational deficit for the month of August to N5.7 billion from N11.9 billion it recorded in July, following the resumption of operations at the Forcados export terminal which was down and out of operations for a very long time, THISDAY reports.

During the time the export terminal was out of operation, the NNPC stated that it was losing a lot of revenue that should have accrued to it, and that this was affecting its operations and books of accounts.

However, in its August monthly operations and financial reports which it released on Sunday in Abuja, the corporation stated that despite the resumption of operations at the Forcados terminal and its contributions to its finances, the fact that its refineries in Kaduna and Port Harcourt were down during the period also affected its financials negatively, hence the deficit in its books.

It said: “The 25th publication recorded a deficit of N5.74 billion which is relatively lower than the previous month’s deficit of N11.87 billion. This represents 53.10 per cent or N6.14 billion improvement compared to the last month’s performance.”