ABUJA—The Nigerian National
Petroleum Corporation, NNPC, yesterday announced a loss of N240.987
billion in its operations for 10 months, between January and October
2015.
The NNPC, in its Monthly Oil and Gas Report for October 2015, also
revealed that all its total sales proceeds from the export of crude oil
and gas in October, amounting to $445.786 million, about N89.157
billion, was utilized for Joint Venture Cash Call funding, while only
N88.475 billion was paid to the Federal Account Allocation Committee,
FAAC, in the month under review.
In an analysis of its financials between January and October 2015,
the NNPC report pointed out that the three refineries — Kaduna, Port
Harcourt and Warri refineries — posted a combined loss of N67.359
billion between January and October 2015; Retail segment posted a
combined loss of N76.41 billion; while the Strategic Business
Units/Corporate Service Units (SBU/CSU) lost N59.537 billion.
The SBU/CSU is made up of Nigerian Petroleum Development Company,
NPDC, Integrated Data Services Limited, IDSL, National Engineering
Technical Company, NETCO and the Nigerian Gas Company, NGC.
Commenting on the loss, the NNPC said, “58.19 per cent of
year-to-date, YTD, NNPC deficit of N240.99 billion is mainly accounted
for by claimable pipeline repairs/management cost of N86.69 billion and
crude & product losses of N53.55 billion due to vandalized
pipelines.
“The N80.87 billion deficit attributable to PPMC was arrived at after
adjusting for an estimated claimable subsidy of N276.81 billion from
the petroleum products sales. Refineries’ revenue does not include
Petroleum Product sales, similarly the expenses excludes Crude cost
processed.
“SBUs/CSUs retained the excess revenue generated but share Head Office Cost through Corporate Overhead Cost Allocation.”
In the area of dollar payments to JV cash call and the Federation
Account, the NNPC stated that total export proceeds of $445.79 million
was recorded in October, 2015 with proceeds from Crude oil sales,
Liquefied Petroleum Gas, LPG and Nigerian Liquefied Natural Gas, NLNG,
Feedstock, and Miscellaneous receipt amounting to $325.28 million,
$84.57million, and $35.93 million, representing 72.97 per cent, 18.97
per cent and 8.06 per cent contribution respectively.
“The current total export receipts outperform the previous receipt by
$173.79 million (63.90%). The positive outlook is attributable to NNPC
initiated third party project-Reserve Development-which contributed
$35.67million or 20.52 per cent. Other factors include improvement in
the export crude lifted by 104 per cent and received from N-Gas,” it
stated.
To this end, the NNPC disclosed that while dollar remittances were
not made to the Federation Account between April and October 2015, a
total of $607.8 million had been paid so far to FAAC in the year 2015
from sales of export oil and gas.
Spends $445m on JV financing in one month
N88.47bn remitted to FAAC
By Michael Eboh
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