NPSC generates N44.4bn revenue in 2018
The Nigerian Pipelines and Storage Company, NPSC, says it generated N44.4 billion in the 2018 financial year, representing a 26 per cent point performance increase over its 2017 performance.
NPSC is a downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, incorporated on June 30, 2016.
The company has a vision to profitably operate NNPC’s downstream pipelines, depots and jetty infrastructure and ensure efficient transportation and storage of crude oil and petroleum products.
Chairman Board of NPSC and NNPC Chief Operating Officer, Corporate Services, Engr. Farouk Sa’id, disclosed the company’s 2018 financial performance on Thursday during the first annual general meeting of the company in Abuja.
A statement by the Acting Group General Manager, Group Public Affairs Division of NNPC, Mr. Samson Makoji, quoted Sa’id as stating that the improved performance was due to increased availability of the company’s storage facilities as well as a boost in products import by the Direct Sale and Direct Purchase programme which encouraged the movement of products through jetties.
He noted that the NPSC focused its resources on white products business opportunities, adding that a total volume of 3,415,020 metric tonnes and 2,148,833 metric tonnes of white products and crude oil respectively were moved through the pipelines.
According to him, the company recorded pipeline and storage availability of 64 per cent and 82 per cent on the average, stressing that a jetty throughput of 6,289million litres indicated a 181 per cent performance and a 47 per cent growth from 2017 operations.
He Sa’id decried crude and products losses which he said were kept at 0.6 per cent and 0.59 per cent respectively, noting that the company witnessed a 94 per cent increase in frequency of pipeline attacks by vandals between 2017 and 2018.
“Some notable achievements include rehabilitation of storage tanks to improve availability and integrity, connection of strategic NPSC assets to the national grid, optimization of jetty and pumping operations, efficient monitoring and accountability of decanting operations nationwide and improved security of pipeline assets over the period,” he said.
Also speaking, the Managing Director of NPSC, Mr. Luke Anele, said the company would deploy the horizontal directional drilling technology to further secure the pipelines, stressing that the NPSC ensured efficient supply and distribution of petroleum products leading to a zero fuel queue during and after the 2019 Yuletide.