Economy
NNPC Posts N20.365 Billion Trading Surplus in July
NNPC Declares N20.365 Billion Trading Surplus for July
The Nigerian National Petroleum Corporation (NNPC) posted an increase in trading surplus to N20.36 billion in the month of July, up from the N2.12 billion surplus achieved in June 2020.
Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, disclosed this while explaining the details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR).
He said the 858 percent overall upswell in performance was largely due to the 178 percent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship upstream entity.
Obateru further stated that the impressive performance was as a result of the continuous improvement in global crude oil demand for the third consecutive month.
This, he said boosted the corporation’s performance through the 739 percent increase in profit posted by the Integrated Data Services Limited (IDSL) and a 51 percent growth recorded by Duke Oil Incorporated, both NNPC companies.