The Nigerian National Petroleum Company Limited has signed an agreement with Daewoo Group of South Korea for the rehabilitation of the 110,000 bpd-capacity Kaduna Refinery –one of Nigeria’s four dysfunctional refineries.
In a statement by Femi Adesina, a spokesperson to President Muhammadu Buhari, the agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea.
The Refinery recorded a N22.9 billion loss in 2021 and has produced no fuel for years leaving the country to rely on imported products.
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 sum of $1.5 billion.
Adesina said Daewoo is also repairing the Warri plant which will at the first instance deliver fuel before the first half of 2023.
At the deal-signing, Buhari was reported to have said “Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy.”
“I am also aware that Daewoo is currently engaged in the execution of the NLNG train seven project and also constructing sea-going LPG vessels for NNPC and her partners,” he said.
The President looked “forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven.”
“This no doubt will open many more windows of opportunities for Daewoo and other Korean companies in Nigeria.”
