- By Halimah Olamide
The Kaduna Refining and Petrochemical Company Ltd have on Thursday finally signed an agreement with the Daewoo Engineering and Construction Company for the repairs of the refinery. At the signing ceremony in Abuja on Thursday was the Managing Director of the Nigerian National Petroleum Corporation Ltd, Mr. Mele Kyari.
In August 2021, an approval of $1.48 billion for the rehabilitation of both Warri and Kaduna refineries was granted by the Federal Executive Council (FEC). According to records, the refinery will commence full operations in December 2023.
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 a N22.9 billion loss in 2021.
President Muhammadu Buhari, during his visit to Soul, South Korea last year, signed the agreement on the sidelines of the 2022 World Bio Summit.
https://twitter.com/nnpclimited/status/1621084582941532160A statement last year by Femi Adesina, Special Adviser to the President on Media had quoted the president as saying during the ceremony that “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.”
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