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NNPC owes IOCs $2.84bn in 11 months

05 January 2016, 14:04

Abuja - The Nigerian National Petroleum Corporation, NNPC, is in indebted to International Oil Companies (IOCs),  as it owes its Joint Venture (JV) partners $2.839 billion, about N567.76 billion, between January and November 2015.

The NNPC, in its Monthly Financial and Operations Report for November 2015, obtained from its website, yesterday, stated that it was only able to pay $3.395 billion to fund its JV cash call obligation with IOCs, instead of a total of $6.774 billion.

Specifically, the NNPC stated that JV cash call is a first line charge to Federation Account, adding that the 2015 approved budget requires monthly funding of about $615.8 million.

Also read: NNPC loses N287.4bn from operations

To this end, a monthly funding of $615.8 million translates to $567.76 billion for the 11-month period.

The huge indebtedness to the IOCs in the JV arrangement was irrespective of the fact that the NNPC last remitted dollar proceeds from its crude oil export to the Federation Account in the month of March 2015.

Over N287.4bn loss is being recorded yearly by the Nigerian National Petroleum Corporation from the operations of its subsidiaries across the country, Punch reports.

The corporation is losing about N250bn yearly as a result of the inefficiencies of the Pipelines and Product Marketing Company alone, which is one of its subsidiaries, according to figures made available by the national oil company.

- News 24

Tags nnpc nigeria

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