NNPCL Makes Highest Ever Profit in 47 Years, Opens up on Port Harcourt Refinery, Petrol Price
- The Nigeria National Petroleum Company Limited (NNPCL) said it has made its highest profit ever
- It revealed in a financial statement that the company recorded a profit of N2.854 trillion in 2022
- The company described it as the highest-ever profit since inception in 1977
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Nigerian National Petroleum Company Limited (NNPCL) disclosed on Tuesday, January 9, 2024, that it made a profit of N2.548 trillion in 2022, describing it as the highest profit since it began operations 47 years ago.
The company is a state-owned oil corporation founded in 1977 and the largest holder in the Nigerian oil and gas industry. After Nigeria passed the Petroleum Industry Act by ex-President Muhammadu Buhari in August 2022, it began commercial operations.
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NNPCL profits began climbing in 2021
The company posted a loss of N803 billion in 2018 in a one-page document.
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The loss was later reduced to N1.7 billion in 2019, which later jumped to N287 billion profit in 2020, which it described as a turning point.
In 2021, the company’s profit grew to N674.1 billion, which continued to climb, hitting N2.548 trillion in 2022. The NNPCL said the profit was its highest since its inception.
Punch reported that in November 2023, Mele Kyari, the company’s Group Chief Executive Officer, said the firm was expecting over N2 trillion in corporate profit after releasing its Annual Financial Statement for 2022.
The oil company discovers illegal refineries and oil connections
The development comes as the company disclosed on Tuesday, January 9, 2023, that it discovered 52 illegal refineries in the Niger Delta area in the past week.
In a statement on social media, NNPCL revealed that about 32 illegal pipeline connections were uncovered and 52 illicit refineries destroyed in the Niger Delta.
According to the statement, 52 illegal refineries were discovered in Abia, Imo, Rivers, and Bayelsa states, and 32 illicit connections were found in several parts of the Niger Delta.
The company said the illegal connections were removed and repaired along the central corridor in the Niger Delta. In contrast, seven illegal storage sites were uncovered in Akwa Ibom state, where underground drums of crude oil were discovered.
NNPC announces new date for Port Harcourt Refinery to complete test run, begin production
Legit.ng reported that the Nigerian National Petroleum Corporation Limited (NNPCL) said the test run for the Port Harcourt refinery will be completed this month.
This is a significant step to resuming operations five years after the refinery shut down.
The company’s spokesman, Femi Soneye, disclosed on Thursday, January 4, 2024, saying that testing will conclude shortly.
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Source: Legit.ng
