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NNPCL subsidiary rakes in N256bn revenue – Report

The Nigerian National Petroleum Company Retail Limited, a retail subsidiary of the NNPC Limited group, raked in total revenue of N255.6bn in its 2022 financial year, data from the report on key achievements in 2022 by NNPCL downstream directorate showed.

Figures obtained from the report in Abuja on Sunday, also indicated that NNPC Retail increased its sales of white products during the year under review. White products include petrol, kerosene, and aviation fuel.

“NNPC Retail Limited achieved six per cent year-on-year increase in total white product sales, N255.6bn revenue, N15bn EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) and N14.14bn profit as at Q3 (third quarter )2022,” the report stated.

It stated that NNPC Retail completed the construction of two standard stations in Kaduna and Kano states and onboarded 71 new stations within the year, adding that five of them were leased, while 66 were affiliate stations.

The retail subsidiary of the national oil company completed phase one solar power project with three stations in Borno, Bauchi and Nasarawa states and carried out rehabilitation and facelift of 15 company-owned stations within the network.

The report also outlined some of the achievements of NNPC Trading Limited, another subsidiary of the national oil company, as it stated that this arm of the company “grew former PPMC (Petroleum Products Marketing Company Limited) profitability by 261 per cent, from n3.59bn in 2020 to n12.95bn in 2021 and reduce demurrage costs by 85 per cent.”

It stated that it improved former PPMC efficiency and significantly curbed product theft/diversion through the implementation of the TDZ- Trade distribution zones product allocation based on historical consumption.

It stated that NNPC Trading Limited “processed payments for Q1, Q2, Q3 and Q4 export permits for crude oil, condensate and NGL (natural gas liquids), and successful renegotiated lease renewal and settlement of disputes for OMLs 118, 125, 128, 130, 133 and 138.”

The report stated that the trading subsidiary successfully processed and settled all Crude Handling Agreement charges of the Nigeria Petroleum Development Company.

“Completed CNL (Chevron Nigeria Limited) Cheetah Cashcall Repayment Agreement in February 2022, Total Energies Cashcall Repayment Agreement in

November 2022, repayment of NNPC/FEP JV Carry Arrangement and First E&P JV Carry Arrangement in April 2022.

“Secured all government crude oil and gas entitlements from International Oil Company’s and coordinated the pricing transition arrangements with the NUPRC (Nigeria Upstream Petroleum Regulatory Commission).

 

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