NNPC trading surplus rises by 860% to N20.4bn in one month


Obaseki’s reforms: Edo Modular Refinery applies to NNPC for crude supplyBy Michael Eboh

The Nigerian National Petroleum Corporation, NNPC, Thursday, announced a trading surplus of N20.36 billion in July 2020, rising by 860 per cent from a surplus of N2.12 billion recorded in June.

In a statement on its Monthly Financial and Operations Reports for July 2020, Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, stated that significant increase in its bottom line was largely due to the 178 per cent rise in the surplus posted by the NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC.

Obateru explained that NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

He added that the NNPC’s financials was further impacted by the 739 per cent increase in the profit of Integrated Data Services Limited, IDSL, and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

According to him, returns…

Source: Vanguard Newspaper