Connect with us

Business

NNPC Records N211bn From Petroleum Products Sales In February

Published

on

The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded ₦211.62bn sale of white products in February 2020.

NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that the figure contained in the corporation’s February 2020 Monthly Financial and Operations Report was significantly higher compared to the previous month’s record which stood at ₦151.79bn.

The report showed an increased trading surplus of ₦3.95bn garnered by the corporation in February 2020, when compared to the ₦1.87bn surplus that was posted in January 2020.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company as a result of its low expenses.

Other reasons cited for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.

The February 2020 report also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6tn, with petrol contributing about 98.06 per cent of the total sales value of about ₦2.5tn.

The report stated that about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of PMS (petrol) and 1.09 million litres of AGO (diesel). Also, there was a sale of 0.01 million litres of special product, Low Pour Fuel Oil in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and PMS accounted for 20.8 billion litres or 98.73 per cent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020.

These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures. Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining six per cent.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74 billion cubic feet of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

This translates to a total supply of 1,235.56 million standard cubic feet per day of gas to the domestic market and 3,817.4mmscfd of gas supplied to the export market for the month.

During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064 megawatts, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Petroleum: DPR Promise To Sustain Uninterrupted Product Supply 

Published

on

By

The Bauchi office of the Department of Petroleum Resources (DPR) says it will continue to ensure the availability of petroleum products across the 500 existing filling stations in the state.Malam Abdullahi Isyaku, the Operation’s Controller of the agency made this known in an interview with the News Agency of Nigeria (NAN) in Bauchi on Monday.

Isyaku said the department would continue to closely monitor filling stations, especially on the implementation of safety measures by retail outlets.

He added that it would constantly ensure that outlets adhere to the official pump price of the commodity.

“We are determined and committed to sanctioning erring outlets found to be shortchanging consumers,’’ he said.

Isyaku said that the regulatory agency was fully committed to assisting interested marketers who want to venture into dealing with Liquefied Gas LPG in accordance with the Federal Government policy on Domestic Gas Utilisation.

According to him, the department has intensified efforts on routine surveillance of all existing retail outlets.

This is with a view to ensuring compliance with operational guidelines.

“We will not compromise standards,’’ He said.

The controller called on all registered marketers to key into the newly introduced operational monitoring tool called ‘Down Stream Remote Monitoring System’ (DRMS).

NAN reports that DRMS was recently launched by the national office of the department.

According to Isyaku, the device will assist DPR in online routine monitoring of stock positions of the products at both depots and retail outlets.

It will also help marketers to monitor activities in their filling stations.

Continue Reading

Business

Leadway Assurance Charges Nigerians To Embrace Cyber Insurance

Published

on

By

 

Leadway Assurance Company Limited has charged corporate entities, institutions, religious organisations and individuals to embrace cyber insurance to protect their database and computer networks from attacks by hackers.

With increased online and internet connectivity becoming part of our day to day business, as a result of COVID-19 pandemic, there is need for protection against cyber attacks, Mr. Uzodinma Ibe of the Casualty & Liability Underwriting, General Insurance, said.

He spoke at a virtual training workshop on “Understanding Cyber Insurance” organised by Leadway Assurance for insurance journalists recently.

Ibe said a comprehensive report by a United Kingdom (UK) cybersecurity company, confirmed that there was high traffic when it comes to information, transactions and data emanating from Nigeria into digital space, adding that the survey noted that 36 percent of Nigerian organisations suffered cyber attacks in the last 12 months.

He also stated that 64 percent of cyber attacks in Nigeria exploited misconfigurations on the organisation servers, pointing out that Nigeria has the highest data leakage in the world.

On business activities, social networking and governmental activities, he said the report has also identified where Nigeria as a digital hub is and to what extent are their cyber exposures.

In order to avoid cyber attacks on our computer networks, which sometimes resulted into data and financial losses, there is a need for enterprises, individuals, corporate organisations, to see it as a serious business and take up some form of cyber mitigating efforts in this regard.

According to him, “Here in Leadway, through our research, we have been able to identify a particular area of cyber exposure where corporate entities can find themselves and see how we can do proper risk management and provide specific insurance product that can help them mitigate such exposures through Cyber Risk Management Insurance which in some quarters called Cyber Liability Insurance and in some, Cyber Risk Management Insurance.

“We have been able to highlight that technology, social media and transactions over the internet (cyber platforms) play a key role in how most organisations conduct business and reach out to prospective customers today. These vehicles have gateways – platforms, integrations that cyber attackers often use.

From Leadway point of view, our Cyber Enterprise Risk Management Insurance Policies try to help any organisation mitigate risk exposure for a certain cost expenses involve with recovery after a cyber-related security breach or similar event.

On who is being indemnified or who is being provided cover, he explained that Leadway Cyber Insurance provides first-party coverage and third-party liability risk covers against cyber-attacks for organisations.

“First party which is the policyholder, the individual or that corporate entity that buys the insurance, such policy caters for private investigation expenses where there is some form of data compromise or breach to reach out to different customers to inform them of the breach.

“Third-party liability coverage indemnify companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.

“Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Most people believe that only large-scale industries, such as banks only need cyber security insurance. However, any electronic information such as your name, email, contact number, financial records, medical records, payment information, government documentation, etc., stored in your personal devices can be easily and quickly hacked by a genius hacker,” he explained.

“Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto,” he pointed out.

Continue Reading

Business

PENGASSAN Suspends Strike Over Chevron’s Agbami Oilfield Dispute

Published

on

By

Mr Lumumba Okugbawa, General-Secretary of PENGASSAN made this known to the News Agency of Nigeria (NAN) on Friday in Yenagoa.

Okugbawa told NAN that the strike had been put on hold following a truce with company’s management on April 15. According to him, the leadership of PENGASSAN and management of CNL reached an agreement over the matter, making the proposed strike unnecessary.

Okugbawa said that the mediatory meeting by Chief Timipre Sylva, Minister of State for Petroleum with the leadership of the union scheduled for April 15 could not also hold because a truce had reached.

PENGASSAN had threatened to down tools and shutdown Agbami Offshore Oilfield over moves by Chevron to cut its workforce by 25 per cent.

The plan to lay off 600 workers was announced, in a statement, on Oct. 2, 2020 by Mr Esimaje Brikinn, CNL’s General Manager Policy, Government and Public Affairs.

Brikinn said the job cut was to reposition the oil firm for greater efficiency and competitiveness.

Agbami field, which has the capacity to produce 250,000 barrels per day (bpd), currently produces about 140,000 bpd according to industry data.

NAN

Continue Reading