NNPC Made Additional 2.06 Billion Naira From Crude Export In Nov 2018
Nigeria’s oil company, the Nigeria National Petroleum Corporation, NNPC made more money exporting crude than it spent importing refined products in November 2018.
NNPC said the trade surplus was valued 2.06 billion naira for the month under review.
The corporation, in its monthly financial and operational report released in Abuja on Tuesday, revealed that the surplus was a reversal of the previous month’s deficit of 12.66 billion naira.
According to the report, the 116% rise in its bottom-line figure is as a result of an improved efficiency in the operations of its upstream subsidiary, the Nigerian Petroleum Development Company.
It also noted that crude oil and gas sale appreciated by 26.13% from the previous month to $668.57 million dollars in the month under review.
It added that crude oil export sales contributed $574.95 million dollars, comprising 86% of the dollar transactions, compared with $425 million dollars contribution in the previous month.
It noted that export gas sales amounted to $93.62 million dollars in the month under review.
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