NNPC Lost 34 Billion Naira In First Quarter Of 2017
Nigeria’s oil company, the Nigerian National Petroleum Corporation, NNPC has lost money.
The corporation declared losses in January, February and then yesterday also declared another loss for March.
In March, the oil firm reported a loss of 33.996 billion Naira in the first quarter of this year.
According to the latest monthly financial and operations report for March 2017, the NNPC stated that crude oil production also decreased from 1.84 million barrels per day, bpd in January this year to 1.82 million bpd in February.
The Nigerian Product Marketing Company and the corporate headquarters of the national oil firm posted the highest losses in the first quarter, after they lost 52 billion Naira and 37.54 billion Naira, respectively, dragging down the profits recorded by other subsidiaries of the group.
But not all of the group’s subsidiaries are reporting losses.
The Nigerian Petroleum Development Company, Integrated Data Services Limited and National Engineering and Technical Company Limited were among some of its subsidiaries that made profits in the first quarter, as they recorded 37.17 billion Naira, 617 million Naira and 2.89 billion Naira, respectively as profits.
And among the three refineries, only the Port Harcourt Refining Company posted a profit of 12.04 billion Naira in the period under review.
The Kaduna Refining, Petrochemical Company and the Warri Refining and Petrochemical Company recorded 2.42 billion Naira and 3.39 billion Naira as losses, respectively.