By Energy Worth
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has announced a profit after tax of N6.11bn for the Nigerian Gas Processing and Transportation Company (NGPTC), a subsidiary of the NNPC.
He said the PAT was recorded in the NGPTC’s first year of operation under the new structure, which had seen the company refocuse solely on gas transportation.
Baru also stated that the firm was primed to deliver its vision of being the natural gas processing and transportation company of choice in Nigeria.
He stated these on the sidelines of the 2017 Annual General Meeting of the company, noting that the NNPC was relying on the NGPTC’s competence to deliver the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline project.
According to the NNPC, the AKK pipeline project is to be constructed through third party contractor financing and construction model, with almost $3bn of foreign direct investment coming into the country.
Baru said apart from the AKK project, the NGPTC was also putting together new pipelines like the OB3, projected to come into operation later in the year.
The Chief Operating Officer, Gas and Power, who doubles as Chairman of the NGPTC Board, Saidu Mohammed, said the company would consolidate on its strength and grow bigger.
The Managing Director, NGPTC, BabatundeBakare, said the 2017 AGM result mirrored the corporation’s resolve to align with the prime objective of the Federal Government to harness the nation’s gas resources for the overall benefit of the Nigerian economy.
The NGPTC, formerly known as Nigerian Gas Company, is a fully-owned subsidiary of the NNPC. It was incorporated in 1981 and commenced business in 1988.
However, NGC was split into two companies, the NGPTC and the Nigerian Gas Marketing Company, in 2016 with the NGPTC mandated to focus on processing and transporting natural gas domestically and to the export nodes. The NGMC handles gas distribution and marketing.
In the year under review, the total revenue generated from gas transmitted stood at N72.7bn, translating to 292.91 billion standard cubic feet of gas, as against the planned 429.92bscf, thereby achieving 68.13 per cent of its target. Profit before tax was N6.75bn, while profit after tax came to N6.11bn within the period.