NNPC Oil corporation records N39.3B deficit in 4 months

However, hope was restored to the corporation as some other subsidiaries posted profits during the review period.

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Dr. Ibe Kachikwu, Minister of State for Petroleum Resources

(Pulse.ng)
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The Nigerian National Petroleum Corporation has recorded a total of N39.3billion deficit in approximately four months.

According to a report by Punch, the monthly financial losses of  the corporation since the beginning of this year continued in the month of April.

The report states that figures from NNPC’s latest oil and gas financial report showed the NNPC Group losing a total of N39.3billion between January and April 2017.

With a deficit of N33.99bn as at March 2017,  the loss was increased by N5.3billion to close at N39.3billion in April 2017.

The NNPC's group financial report by entity allegedly showed that the NNPC reduced its losses from the N5.62billion recorded in March to N5.3billion in April.

Maikanti Baru play

Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru

(Financial Watch)

 

Further revelation showed that the Nigerian Pipelines Marketing Company, a subsidiary of the NNPC, and the oil firm’s corporate headquarters posted a loss of N50.99billion and N47.16billion, respectively.

However, hope was restored to the corporation as some other subsidiaries posted profits during the review period.

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To this end, a N15.2billion profit was posted by the Port Harcourt Refining Company lifted the refineries’ while the Kaduna Refining and Petrochemical Company posted a loss of N3.6billion and the Warri Refining and Petrochemical Company posted a loss of N3.7billion during the period under review.

Sadly, the combined capacity utilisation of the three Nigerian refineries was still below 30 per cent, although it moved up from 13.46 per cent in March 2017 to 24.59 per cent in April 2017.

On the individual capacity utilisation of the refineries in April, the report stated that the WRPC, PHRC and KRPC recorded 9.92, 29.81 and 30.3 per cent, respectively.

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