The Nigerian National Petroleum Company Limited has today signed a Memorandum of Understanding with a Korean Company Daewoo for the rehabilitation of the Kaduna Refinery.
This was disclosed by presidential aide, Femi Adesina who also said that the event was witnessed by President Muhammadu Buhari.
The signing event took Place in Seoul, South Korea.
Adesina quoted President Buhari as being excited at the development.
He stated, “The President was particularly excited as the signing came against the back of ongoing rehabilitation works at Warri refinery by same Daewoo Group which will at the first instance, deliver fuels production before the first half of 2023.”
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According to the Nigerian leader, “Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy.
He said, “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 he looked “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 refinery came into operation in 1980 to supply petroleum products to Northern Nigeria with a capacity of 50,000 B/D.
In 1983, the capacity was expanded to 100,000 B/D by adding a second 50,000 B/D crude train dedicated to the production of lubricating oils (lubes).
According to
the refinery rehabilitation programme progress and timeline, the Kaduna Refinery was billed to resume operations by the first quarter of 2023.
The Federal Executive Council (FEC) had earlier approved the awards of contracts for the rehabilitation of Warri and Kaduna refineries in Nigeria to the Italian company Saipem.