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NNPC records N686 billion from sale of refined products

By on January 4, 2013

The Nigerian National Petroleum Corporation (NNPC) said it made about N686 billion, from the sales of refined products from the three refineries in the Country last year.

This News, as disclosed has been seen as a positive development for a Company, that has come under various criticisms of non-performance and inefficiency, resulting to the hope that it has found its path towards becoming a Key player in the Nigerian economy.

In a Budget Presentation made by the NNPC to the National Assembly, the Corporation stated that its projected earnings from the sale of refined products was N802.88 billion for the year 2012, and that it had realized N455.3 billion as at September last year.

The Senate Committee on Petroleum (Downstream) however frowned at the report on the refined products sale , as the Chairman Senator Magnus Abe said it did not give a comprehensive analysis to the what each refinery earned at the end of last year.

Also the NNPC in its breakdown said, that it generated the total amount of N868.44billion, while its operating expenses for the year 2012 gulped a total of about N654.23 billion. For its Capital Expenditure, in the last Fiscal year, the Corporation said it spent N13.9 billion.

For the year 2013 , the State Oil firm said it was projecting a revenue of a whooping N1.003 Trillion, with a corresponding total expenditure, that includes operational and capital expenses of about N953.05 billion.

It blamed the shortfall on its projected 2012 revenue on the under performance of the plants, and believed that with necessary Infrastructure now in place, the operations will improve this year and the corporation will experience a huge boom in its sales.

The Senate Committee on Petroleum (Downstream) is expected to resume from its break next week, to clarify and scrutinise the budget presentation of the NNPC for 2013.