NNPC records N17.01bn loss in December 2016

The Nigerian National Petroleum Corporation (NNPC) recorded N17.01 billion loss in December 2016. The corporation blamed the loss on challenging environment which limited its aspiration to profitability.

The Corporation stated this in its Monthly Financial and Operations Report for 2016.

According to the report, the marginal decrease is due to improved PPMC Coastal sales following completion of reconciliation with other marketers. Other factors that affected the overall NNPC’s performance include Force Majeure declared by SPDC as a result of the vandalized 48-inch Forcados export line after the restoration on 17th October, 2016 amongst others.

“Notwithstanding the reduction in downstream vandalism, NNPC undeniably needs the support of Nigerians especially in areas of security and infrastructural integrity. Favourable business environment will enable NPDC to reverse on average the over N20 billion monthly revenue currently being lost due to pipeline sabotage which would have created more profit and jobs.

“This report also highlighted our activities for the twelve-month period of January 2016 to December, 2016 to allow for trend recognition. NNPC has maintained effective communication with stakeholders through this report via publications on its website and in national dailies. This is in line with the Corporation’s commitment to becoming more accountable, transparent and a FACTI based Organization. We will therefore, remain more focused, accountable and transparent,” it stated.