The
But NNPC yesterday said although the repair of roads was not within its direct purview, it was willing to fix some roads across the country to ease the movement of petroleum products. The offer by the national oil company came following a threat of industrial action by the
However, the Petroleum Tanker Drivers (PTD) of NUPENG yesterday suspended the planned strike, which was earlier scheduled to commence today.
The latest list of the world's highest income-grossing oil companies showed that although a number of the 10 highest-earning oil and gas companies in 2021 lost billions in 2020 because of the COVID-19 pandemic and trade war between
The list showed that Sinopec, also known as
But Sinopec's revenue fell by 28.8 per cent last year, while at the same time, net income fell by 43 per cent, leaving it with a value of approximately
Despite topping the list, the company's refining and exploration/production units jointly made losses of approximately
In line with
During the year, the company increased oil output by 4.8 per cent and gas output by 9.9 per cent compared to 2019 and pushed the cost of production down by 8.3 per cent, to
The company's revenue fell by 23.2 per cent in 2020, but it increased its full-year dividend by more than 20 per cent and achieved new record levels of gross profit, lifted by economic recovery and rising oil prices.
The two Chinese companies were followed by
The company's capital expenditure fell by
The company attained pre-tax earnings of
The fourth position was occupied by
But the company still lost
On the list also was British giant
The company's upstream division went from earning
Occupying the seventh position, according to the data, was TotalEnergies, formerly known as Total, with total revenue of
It was trailed by
According to the data, America's Marathon oil made
Including income from Speedway, Marathon's adjusted raw earnings fell to
For the first time ever, the NNPC this year publicly announced a profit of N287 billion, about
The profit was mostly from the reversal of amounts impaired (when a company declares an asset valuable after it previously declared it a liability) for years. It also pushed the corporation's total revenue to about N3.7 trillion or roughly
NNPC is in the process of being fully commercialised with the recent passage of the Petroleum Industry Act (PIA), although it had always been bugged down by excessive political control.
NUPENG: NNPC Offers to Fix Selected Roads, Cautions against Strike Action
Meanwhile, NNPC yesterday said although the repair of roads was not within its direct purview, it was willing to fix selected roads across the country to ease the movement of petroleum products. The offer by the national oil company came after the threat of industrial action by the PTD of NUPENG.
The South-west Zonal Chairman of NUPENG, Tayo Aboyeji, at the weekend, said the union had lost many members and properties due to bad roads, saying several calls on the government concerning the situation have fallen on deaf ears.
Describing the roads as, "deplorable and shameful," he maintained that when trucks loaded petrol in
Aboyeji said, "All calls by the executive of petroleum unions have fallen on the deaf ears of the government as the highways continue to deteriorate nationwide. The list of the highways is endless and the tanker drivers have been going through harrowing situations while rendering selfless national service.
"The increased rate of fire incidents involving petroleum tankers with accompanying massive destruction of lives and property of our members and the general public is enough."
Aside the demand for road rehabilitation, the union further stated that government had failed to enforce the installation of safety gadgets on tankers, which would protect the inflammatory contents of their trucks from spilling over when accidents happen.
It further stated that some tank farm owners still used tankers exceeding 45,000 litres carrying capacity, despite reaching an agreement with the government on the matter.
In a statement yesterday, signed by the
"In recognition of this, the NNPC wishes to assure the petroleum tanker drivers that in addition to the on-going efforts by other agencies of government, the NNPC has initiated a process that will provide a quick and effective solution to the roads network challenges as expressed by the PTD.
"Having recognised that the major reason slowing down the rehabilitation of the road networks in the country is the paucity of funds, the NNPC has expressed interest to invest in the reconstruction of select federal roads under the Federal Government's Road
The corporation noted that the thrust of its intervention was to make considerable funds available for the reconstruction of roads through it future tax liability.
NUPENG Suspends Planned Strike
Meanwhile, NUPENG last night said the planned strike by PTD, which would have kicked off midnight on Sunday, had been suspended.
A statement signed by NUPENG's National President, William Akporeha, and General Secretary,
The union stated that there would be a follow-up meeting scheduled to hold on
NUPENG stated, "We wish to clearly make it known to all well-meaning Nigerians that have variously appealed to us on these issues that our plan was not intended to inflict further pains on Nigerians but to ensure observance of minimum safety on our highways for the good of lives and properties.
"We are aware of the impacts our actions usually have on the people, businesses and the nation at large but we cannot continue to watch as things continue to degenerate in our industry."
In the light of the above, the union stated that it would not hesitate to re- commence the action without any notice if the understanding reached in the two meetings were not fully implemented within the timeframe agreed.
"With this, our petroleum tanker drivers are hereby directed to continue providing services for the efficient and effective distribution of petroleum products to homes and workplaces across the country," the statement said.
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