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NNPC Records N267bn Loss In 2015

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The Nigerian National Petroleum Corporation (NNPC) has announced a loss of N267.14 billion in 2015.This is contained in the monthly oil and gas operational report of the corporation released on Wednesday in Abuja.

According to the report, the national oil firm lost N11.861bn in the month of December alone, down from the N14.29bn loss recorded in November.

Its gross revenue for the 2015 financial year was put at N2.046tn, while its expenses were N2.3tn, leaving a loss of N267.138bn.

The refineries continued their poor performance throughout the year as the three of them posted a combined loss of N82.09bn in the period under review.

The report revealed that Pipelines and Product Marketing Company (PPMC), one of NNPC’s subsidiaries, lost N62.06 billion, while the National Engineering Technical Company (NETCO) lost N744 million.

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It, however, stated that Nigerian Petroleum Development Company (NPDC) and the Nigerian Gas Company (NGC) recorded profits of N16.91 billion and N34.9 billion, respectively, adding that Integrated Data Services Limited (IDSL) and NNPC Retail recorded profits of N2.43 billion and N5.05 billion, respectively.

“For the month of December, the NNPC recorded a revenue N184.40 billion, representing an appreciation of 18.9 per cent from N155.10 billion recorded in the month of November.

“Expenses also grew by 15.9 per cent to N196.26 billion compared to N169.40 billion recorded in November,” it said.

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