NNPC Records ₦20.36Billion Trading Surplus in July

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

The Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ₦20.36billion in July 2020 compared to the ₦2.12billion surplus in June 2020 in its operations. 

NNPC Records ₦20.36Billion Trading Surplus in July
NNPC Records ₦20.36Billion Trading Surplus in July – www.brandspurng.com

Dr Kennie Obateru, Group General Manager, Group Public Affairs Division of the corporation, in a release in Abuja, explained that details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity.
The release stated that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.
Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.
Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection.
In the Gas sector, Gas production in July 2020 increased by 2.19 per cent at 236.34Billion Cubic Feet (BCF) compared to the output in June 2020; translating to an average daily production of 7,623.98Million Standard Cubic Feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.
For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production.
In the Downstream Sector, to ensure continuous stability in Premium Motor Spirit (PMS) supply and effective distribution across the country, 1.02billion litres of PMS translating to 32.95mn litres/day were supplied for the month.
The July NNPC MFOR stated that the corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.
The report noted that during the period under review, 36 pipeline points were vandalized, representing about 9 per cent increase from the 33 points recorded in June 2020.
Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively.
NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism.
The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.
The report is published monthly on the corporation’s website, national dailies and online media.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

Waltersmith Refinery Ready for October Start

Read Also:  Gross Official Reserves Increased by US1.81bn in February 2018, A Sizeable Buffer By Any Criteria?

Waltersmith Petroman’s modular refinery has been completed and will begin operations on October 14, the Nigerian Content Development and Monitoring Board (NCDMB) has said.

How TikTok Changed Video Advertising Forever?

- Advertisement -

Owning a business brand isn’t all required to make it big in the business world – it’s just the first step. To achieve business growth, you’d have to invest in activities that improve the quality of your products and services and make potential buyers aware that you have what they need.

Olam Cocoa launches new business for professional chefs, bakers and pâtissiers

Olam Cocoa has today announced the launch of Olam Cocoa for Professionals, a new business which will make its premium deZaan cocoa powders available to restaurants, caterers, and patisseries for the first time.

7Up danced into COVID-19 with 2Sure hand sanitizers with same bottle

- Advertisement -
Read Also:  LAGOS GOVT COMMENDS NIGERIAN BREWERIES AT SCHOOL DONATION

7Up bottling company is one of the leading trademarks that deals with beverages. It produces and distributes carbonated soft drinks such as 7up, Mirinda, Pepsi, Teem, Mountain Dew, H2oH!, Lipton Ice Tea and Aquafina premium drinking water.

Netflix ignores critics to release ’Cuties’ movie revealed to be promoting children sex

Netflix, an American technology and media services provider and production company headquartered in Los Gatos, California, founded in 1997 by Reed Hastings.

Total Debt Stock Hits N31.01 Trillion as Nigeria Receives USD3.36 Billion Loan from IMF

- Advertisement -

In the just concluded week, total debt figure released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stock for the second quarter of 2020 increased by 8.31% to N31.01 trillion as at June 2020 (from N28.63 trillion as at March 2020).

Over 60% of Global Bank Rating Outlooks Are Negative

Fitch Ratings’ new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the onset of the coronavirus pandemic. The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) shot up to over 60% at end-1H20 from 13% at end-2019. The proportion on RWN was 10%, the highest in recent years, reflecting near-term risks to many banks’ ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.

Debt profiling: Drawing a nexus between Jonathan and Buhari Administrations

The Debt Management Office on Wednesday, 9th September, announced that Nigeria’s public debt has risen to N31.01 trillion at the end of June.

Hyundai Motor Launches ‘Channel Hyundai’ for Smart TVs to Provide Enhanced Digital Customer Experience

Hyundai Motor Company is leading the digital transformation in the era of COVID-19 and beyond with the launch of ‘Channel Hyundai’, an interactive app for smart TVs featuring multimedia content and a digital interface for customers to experience the brand in a new way.

Firm Develops 14,000-hectare Palm Plantation in Edo

An agriculture development firm, Agro-Allied Resources and Processing Nigeria Limited has commenced the development of a 14,000-hectare oil palm plantation in Odighi Community, in Ovia North East Local Government Area of Edo State.

- Advertisement -
NNPC Records ₦20.36Billion Trading Surplus in July - Brand SpurNNPC Records ₦20.36Billion Trading Surplus in July - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NNPC Records ₦20.36Billion Trading Surplus in July - Brand SpurNNPC Records ₦20.36Billion Trading Surplus in July - Brand Spur

Latest News

GTBank Shareholders Endorse N3.00 Total Dividend for 2020, Applaud Agbaje’s Leadership

Shareholders of Guaranty Trust Bank (GTBank) Plc, at the weekend unanimously endorsed the payment of a total dividend of...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -NNPC Records ₦20.36Billion Trading Surplus in July - Brand SpurNNPC Records ₦20.36Billion Trading Surplus in July - Brand Spur