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Akinwande Soji-Ojo
The Nigerian National Petroleum Company (NNPC) Limited has signed an agreement with Daewoo Group of South Korea for the rehabilitation of the Kaduna refinery.
Acoording to a statement by Femi Adesina, the spokesperson for President Muhammadu Buhari, the agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea.
The 110,000 bpd 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.
The biggest state-run refinery,the Port Harcourt refinery, is currently undergoing repairs handled by Tecnimont of Italy.
The Federal Executive Council had in August 2021 approved the award of the contract for the rehabilitation of Warri and Kaduna refineries at the sum of $1.5 billion.
Adesina said Daewoo is also repairing the Warri refinery, which will deliver fuel before the end of the first half of 2023.
At the signing of the agreement on Thursday, Buhari was quoted as saying: “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.”
Buhari said he 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,” he added.