The Federal Government through the Nigerian National Petroleum Corporation Limited (NNPCL) has signed a Memorandum of Understanding (MOU) with South Korea’s Daewoo Group to restore the 110,000 barrels per day (BPD) refinery in Kaduna and to proceed with the rehabilitation of the Warri refinery.
President Muhammadu Buhari, who was presented at the signing in Seoul, South Korea on Thursday, expressed his gratitude and was appreciative of the faith the Asian country has towards Nigeria, he said this partnership is an open door to several opportunities between Daewoo Group and other Korean companies in Nigeria.
The President stated that this partnership is one amongst many others that Nigeria has ventured into with Daewoo Group.
“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.”
Adding that he looked “forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven,” stressing that “This, in 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 signing ceremony on the last day of his visit to the Asian country to attend the First World Bio Summit.
The South Korea Group is presently involved in the ongoing rehabilitation operation at the Warri refinery and it is expected to start working by 2023.
Buhari added that when the rehabilitation works on the Warri refinery are completed it will deliver fuel production before the first half of 2023 while, the 60,000 BPD Port Harcourt refinery is expected to be operational by December 2022.
Meanwhile, the NNPCL said it expended N99.6 billion on refinery rehabilitation in 2021, Investors King understands.