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Niger Delta sabotage hampers NNPC profits

13 December 2016, 17:51

Lagos - The sabotage and vandalism in the Niger State are projected to continue impacting on the financial performance of the Nigerian National Petroleum Corporation (NNPC).

The corporation’s accounts for October, released recently, indicate a group operating deficit of N16,9 billion (US$55m), little change from N17,2 billion the previous month.

This showed an improved performance from the Pipeline and Products Marketing Company (PPMC), which boosted its sales to N112 billion from N104,9 billion.

Its operating result to a profit was N1,4 billion from a loss of N11,2 billion.

Analysts described the results as “acceptable” in the adverse circumstances.

Also read: NNPC owes JV partners $7b

The January-October operating deficit of N162 billion compares with N241 billion in the same period of 2015.

“Cost control has been critical,” stated First Bank of Nigeria on Tuesday.

“But we repeat our point that the corporation cannot become the policeman in the Niger Delta.”

The Niger Delta has over recent months suffered vandalism by militants alleging unequal distribution of funds accrued from the oil industry.

The region is the biggest oil producer in the West African country. 

 

 

 

 

- CAJ News

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