Nigeria's State Oil Firm Posts $346 Million Trading Surplus in June
12/13/2021
ABUJA (Reuters) — Nigeria's state oil company recorded a 141.96 billion naira ($346 million) trading surplus in June after recovering from a 37.46 billion naira deficit the previous month, the company said on Sunday.
Presenting its latest monthly report, the Nigerian National Petroleum Company (NNPC) said expenditure for the same month fell 29.32% to 721.93 billion naira.
President Muhammadu Buhari said in August NNPC had made a profit for the first time in its 44-year history, generating an income of $698 million after tax in 2020.
NNPC's report said in June 47 pipeline points were vandalized compared to 64 in May, with the Port Harcourt area and Mosimi accounting for 94% of the vandalism.
Related News
Related News
Sign up to Receive Our Newsletter
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
Comments