PPMC generated N158bn from product sales in October 2020

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), said it made a total of N158.04 billion from the sales of white products in October 2020.

This was disclosed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in a statement released in Abuja on Thursday.

Obateru stated that the October sales accounted for a 92 per cent increase over the N80.15 billion sales recorded in the previous month, September 2020.

Speaking further, he added that the figure was contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR) which indicated that total revenues generated from the sales of white products for the period of October 2019 to October 2020 stood at N1.95 trillion, with Premium Motor Spirit (PMS) accounting for about 99.07% of the total sales with a value of over N1. 9 trillion.

Obateru said: “In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.

“This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.033 million litres of Dual Purpose Kerosene (DPK).

“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28%.

“In the month under review, 23 pipeline points were vandalised, representing about 10% increase from the 21 points recorded in September 2020. Of this figure, Mosimi Area accounted for 83% of the vandalised points while Port Harcourt Area accounted for the remaining 17%.”

Obateru further disclosed that the daily supply of natural gas to power plants increased by 8.60% to 745mmscfd on the average, equivalent to power generation of 2,801Megawatts.

In the Gas Sector, a total of 214.07 Billion Cubic Feet (bcf) of natural gas was produced in October 2020, translating to an average daily production of 6,908.34 Million Standard Cubic Feet per Day (mmscfd).

For the period of October 2019 to October 2020, a total of 3,018bcf of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period.

The October 2020 MFOR also indicates that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.18%, 20.12% and 11.70% respectively to the total national gas production.

In terms of natural gas off take, commercialization and utilization, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialized, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.

This meant a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas was supplied to the export market for the month of October.

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