OREANDA-NEWS. December 04, 2012. The Pipelines & Products Marketing Company (PPMC) has recorded an improved operating cash flow in the year 2010, Chairman of the Company’s Board of Directors has stated.

The Chairman, who is also the Group Managing Director of NNPC, Engr Andrew Yakubu disclosed this during the company’s 2010 Annual General Meeting held at the NNPC Towers in Abuja.

 “PPMC recorded an operating cash flow of N2m in 2010 as against –N8m in 2009, indicating performance improvement over the previous year,” Engr Yakubu, who was represented at the AGM by the GED CS, Dr Peter S. Nmadu stated.

 There was also a slight improvement in the crude supplies to the refineries, recording 34.82m bbls in 2010 as against 19.36 m bbls in 2009.
 This, the Chairman said, was not unconnected with the amnesty programme of the Federal Government which led to an improved business environment in the Niger Delta region.

 The downstream petroleum industry also saw an improved product output from the local refineries. “A total of 4.9m litres of products were received from the local refineries in 2010 while we got 3.9m litres in 2009,”he said.

 Despite the improvement in the supply of refined products from the refineries in during the period under review, white products were still being imported production in order to meet national demand.

 The company also recorded a loss after tax of N6.35b in 2010 as against N19.29b in 2009, a development the Chairman was quick to attribute to incessant and unwholesome acts of pipeline vandalism and crude oil theft.

 “Pipeline vandalism continued despite the increased effort of PPMC Management and the law enforcement agencies to curb the menace,” Engr Yakubu said.
 According to the Chairman a total number of 1, 973 cases of pipeline vandalism were recorded during the year under review, as against 1, 480 cases in the previous year, an increase of 33%.

 The Chairman observed that despite the challenges faced by the company in 2010, the company was able to carry out its statutory responsibilities.

 Also speaking at the AGM, the Managing Director of the Company, Mr Haruna O. Momoh said the company has implemented the Group’s Health, Safety & Environment (HSE) charter which places these issues above economic considerations.