NNPC, Daewoo sign MoU on Kaduna Refinery rehabilitation
By Innocent Obasi
The Nigerian National Petroleum Company (NNPC) Ltd has signed a Memorandum of Understanding (MoU) with Daewoo Group, a South Korean conglomerate and automobile manufacturer, for the rehabilitation of the refinery in Kaduna.
Both parties signed the agreement on Thursday during the 2022 World Bio Summit in Seoul, South Korea.A statement by Femi Adesina, presidential spokesperson, said President Muhammadu Buhari was excited as the signing came against the backdrop of ongoing rehabilitation works at Warri refinery.
“Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy,” Buhari 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.
The president 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 said.
The Federal Executive Council (FEC) in August 2021 approved $1.48 billion for the rehabilitation of both Warri and Kaduna refineries, 2021, Timpere Sylva, minister of state for petroleum resources, announced at the time.
The Warri Refining and Petrochemical Company (WRPC) will start operating fully in December 2023, according to Desmond Inyamah, acting managing director of the company.