The Nigerian National Petroleum Company (NNPC) Limited, on Thursday, signed a Memorandum of Understanding (MoU) with the Daewoo Group of South Korea for the rehabilitation of the Kaduna refinery.
According to a statement issued by Special Adviser to the President on Media and Publicity, Mr Femi Adesina, the signing ceremony happened in Seoul, South Korea, on the sidelines of the World Bio Summit 2022.
It would be recalled that the Federal Executive Council (FEC) had in August 2021, approved the award of the rehabilitation of both the Kaduna and Warri Refineries to Saipem SPA and Saipem Contracting Limited at the combined total sum of $1.484 billion ($897,678,800 Warri refinery and $586,902,256 for Kaduna refinery).
However, during yesterday’s MoU signing ceremony in Seoul, President Muhammadu Buhari expressed delight over the development.
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According to Adesina’s statement, the President was particularly excited as the signing came against the background 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.
According to the Nigerian leader, “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 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.