TheCable

The Nigerian National Petroleum Company (NNPC) Ltd has signed a memorandum of understanding (MoU) with Daewoo Group, a South Korean conglomerate, for the rehabilitation of the Kaduna refinery.

According to a statement by Femi Adesina, special adviser to the president on media and publicity, the agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea 

The summit is a gathering of health experts, heads of international organisations and leaders of top biopharmaceutical firms. 

According to the statement, President Muhammadu Buhari, who witnessed the signing ceremony, was excited as it came against the back of ongoing rehabilitation work at Warri refinery.

“Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy,” Adesina quoted Buhari as saying.

“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.”

The president said he looks “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. 

“I thank you for your faith in Nigeria.”

In August 2021, the federal executive council (FEC) approved $1.48 billion for the rehabilitation of both Warri and Kaduna refineries.

Desmond Inyamah, acting managing director, Warri Refining and Petrochemical Company (WRPC), had said the refinery will commence full operations in December 2023.