NNPC, Daewoo Sign Pact On Kaduna Refinery Rehab

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Nigerian National Petroleum Company (NNPC) Ltd and Daewoo Group of South Korea have signed a Memorandum of Understanding (MoU) on the rehabilitation of the Kaduna refinery.

 

The agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea in the presence of President Muhammadu Buhari who is also attending the summit.

 

 

The pact came on the back of the ongoing rehabilitation works at the Warri refinery by the same Daewoo Group which will at the first instance, deliver fuels production before the first half of 2023.

 

An elated Buhari said Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy in addition to its current engagement in the execution of the NLNG train seventh project and also the construction of the sea-going LPG vessels for NNPC and her partners.

 

“I look forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven,” stressing that “This no doubt will open many more windows of opportunities for Daewoo and other Korean companies in Nigeria.”

 

“I thank you for your faith in Nigeria,” President Buhari told the Korean conglomerate at the end of the significant ceremony on the last day of his visit to the Asian country to attend the First World Bio Summit.

 

The 110,000 bpd-capacity Kaduna Refinery is one of Nigeria’s four dysfunctional refineries that have produced no fuel for years leaving the country to rely on imported products. It recorded an N22.9 billion loss in 2021.

 

The biggest state-run refinery, which is Port Harcourt, is currently undergoing repairs handled by Tecnimont of Italy. The government says it expects the plant to start production by December, although a PREMIUM TIMES review showed that is unlikely.

 

The Federal Executive Council in August last year approved the award of the contract for the rehabilitation of Warri and Kaduna Refineries at the combined total sum of $1.5 billion.

 

Daewoo is also repairing the Warri plant which will at the first instance deliver fuel before the first half of 2023

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