BUSINESS

“N159bn Lost to oil theft, pipeline vandalization”- NNPC

NEWSMAN, Abuja – Nigerian National Petroleum Corporation (NNPC) has indicated that its operations would not be fundamentally hampered by the adverse impact of the Coronavirus Pandemic on the global oil industry.

It stated this against the backdrop of the huge costs and losses attributed to oil theft and pipeline vandalisation, stating that expenses and losses associated with oil theft and pipeline vandalisation was N159 billion in 2019.

“In the light of these recent developments and its underlying impact, it is expected that the impact of the COVID-19 pandemic will extend towards the following areas of the financial statements: revenue, trade receivables and accounts payable”, NNPC stated.

“Management is confident that the financial impact of the pandemic will not be severe as the group operates in the essential class of the economy and the arrangement to draw from the escrow account has not been withdrawn”, it added.

Crude oil and petroleum products losses, valued at N32 billion were recorded in the year under review, while pipeline repairs and management costs gulped N127 billion, according to its 2019 financial report.

It noted that these funds were deducted from its earnings before remittances were made to the federation account, adding that it made total cash payment of N1.428 trillion to the Federation Account.

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