The Nigerian Pipelines and Storage Company (NPSC), one of the Downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), generated N44.4bn in its 2018 financial year, representing a 26-percentage point performance increase over its 2017 figure.
Chairman of the Board of the company and NNPC Chief Operating Officer, Corporate Services, Engr. Farouk Sa’id, made the disclosure Thursday during the first Annual General Meeting of NPSC at the NNPC Towers in Abuja.
Engr. Sa’id was quoted as stating that the improved performance was as a result of 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.
The COO, CS added that 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.
Engr. 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,” Engr. Sa’id enthused.
On his part, 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.
The external Auditors for the company, Sola Oyetayo and Co and Abdulkadeer and Co, affirmed that the financial position of NPSC as at 31st December, 2018, its financial performance and cash flows for the year ended were in accordance with International Financial Reporting Standards and requirements of the Companies and Allied Matters Act of Nigeria, Cap C20 LFN2004.
NPSC was incorporated on the 30th June, 2016 with the vision to profitably operate NNPC’s Downstream pipelines, depots and jetty infrastructure and ensure efficient transportation and storage of crude oil and petroleum products.