Friday, 29th March 2024
To guardian.ng
Search

Nigeria nets N66.13b from petroleum products export

By Roseline Okere
03 July 2015   |   2:04 am
THE Nigerian National Petroleum Corporation (NNPC) has disclosed that the Pipelines and Product Marketing Company (PPMC) exported 634.89 million litres of Low Pour Fuel Oil (LPFO) and Naphtha worth about N66.13 billion in 2014. The figure however, represents over 50 per cent decline from the N116.67 billion it recorded in the previous year. Also, the NNPC…

Oil1THE Nigerian National Petroleum Corporation (NNPC) has disclosed that the Pipelines and Product Marketing Company (PPMC) exported 634.89 million litres of Low Pour Fuel Oil (LPFO) and Naphtha worth about N66.13 billion in 2014.

The figure however, represents over 50 per cent decline from the N116.67 billion it recorded in the previous year.

Also, the NNPC added that the country had exported 1.33 billion litres of LPFO and Naphtha worth about N116.67 billion in 2013.

The NNPC which stated this on Wednesday in its bulletin for 2014, added that the PPMC also evacuated 3,208,461 metric tonnes (mt) of petroleum products from the refineries and it also imported 7,038,264.33 mt of Premium Motor Spirit (PMS) and HouseHold Kerosene (HHK) for distribution valued at N6.76 billion on Offshore Processing Agreement (OPA) and crude oil for product SWAP arrangements.

It added that the PPMC sold a total of 10.59 billion litres of various grades of petroleum products through depots and coastal lifting. During the year, 634.89 million litres of LPFO and Naphtha worth about N66.13 billion was exported.

The report revealed that about 23,883.83 million litres of petroleum products were distributed nationally giving an average daily consumption of 47.67 million litres of PMS, 8.82 million litres of Automotive Gas & Oil (AGO), 7.90 million litres of HHK and 1.04 million litres of ATK. “Out of the total volume distributed, NNPC Retail outlets handled 1,672.43 million litres which is about seven per cent of total volume.”

According to the report, the local refineries received a total of 25,839,373.09 barrels (3,491,903 mt) of (dry) crude oil, condensate and slops and processed 23,360,372.27 barrels (3,156,914 mt) into various petroleum products.

It put the total production output by the refineries at 2,665,289.09 metric tonnes of various petroleum products.

The combined average refining capacity utilization for 2014 was 14.4 per cent as against 22 per cent in the previous year.

NNPC disclosed that the country lost crude oil and other petroleum products valued at N59.597 billion to pipeline vandalism in 2014.

The NNPC noted that 355,690 metric tonnes of petroleum products valued at N44.75 billion was lost in the period under review, in addition to 1.08 million barrels of crude oil valued at about N14.847 billion.
It said, “A total of 3,732 line breaks was reported on NNPC pipelines out of which 3,700 was as a result of vandalism, while 32 cases were due to system deterioration resulting in a loss of 355,690 metric tonnes of petroleum products worth about N44.75 billion.

“Also 1.08 million barrels of crude oil worth about N14.847 billion was lost in the same period. There were 32 cases of fire incidents during the year under review.”

0 Comments