N49.69bn Spent On Pipeline Repairs In 10 Months, NNPC Says
The Nigerian National Petroleum Corporation (NNPC) says it spent N49.69 billion on pipeline repairs and management cost between January and October 2020.
This was contained in NNPC’s financial and operation report for October 2020.
According to the report, a total of 506 vandalised points were recorded within a year; October 2019 and October 2020.
The breakdown of the total amount spent within 10 months by NNPC to repair and manage pipelines are as follows: N5.48 billion in January; N6.74 billion in February; N7.70 billion in March; N7.84 billion in April; N7.99 billion in May.
In June, a total cost of N6.24 billion was incurred: N1.80 billion in July; N1.50 billion in August; and N4.41 billion in October.
No pipeline repairs and management cost was incurred in September 2021.
“Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position,” the report read.
“This month (October 2020) 23 pipeline points were vandalized representing about 10 percent increase from the 21 points recorded in September 2020.
“Of this figure, Mosimi Area accounted for 83 percent of the vandalised points while Port Harcourt Area merely accounted for the remaining 17 percent.
“NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.”
In January, NNPC announced that 96 companies expressed interest in the rehabilitation of its downstream infrastructure, ranging from critical pipelines to depots and terminals.
Source: thecable.ng
