Business & Finance

NNPC Records 1st Profit In 15 Years

NNPC Tower

The Nigerian National Petroleum Corporation (NNPC) has recorded its first profit in 15 years.

THIS DAY reports that the NNPC has made an operating profit of N273.74 million for the month of May, reversing the losses of N35 billion made by the corporation over the last 15 years.

“PPMC recorded a net gain of N17.69 billion as against the net loss of N6.91 billion in April, 2016 following complete stoppage of commercially unfavourable swaps and offshore processing agreements (OPAs).

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“Direct-Sale and Direct-Purchase has now replaced the previous regime. Notwithstanding these improvements, renewed and vigorous vandalism of pipelines in Niger Delta means that productions were shut-in and cargoes deferred, which denied revenues streams accruing to NPDC and the federation,” part of the monthly report quoted in the report stated.

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