…MoU Signed in Seoul   

Nigeria has invited Daewoo Group of South Korea to rehabilitate the 110, 000bpd moribund Kaduna Refinery.

President Muhammadu Buhari’s special adviser on media and publicity, Mr. Femi Adesina, confirmed that the MoU was signed yesterday in Seoul, South Korea, during the first World Bio Summit

Daewoo Group is also involved in ongoing rehabilitation works at the Warri refinery which is expected to start working by 2023. President Buhari was reportedly present at the MoU signing and was quoted to have said: “Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy.

Also Read: Nigeria: Hope Rises for Oil Production As NNPC Winds Up Repair of 180,000 Bpd Tnp Line in Niger…

“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.

“This is expected to open many more windows of opportunity for Daewoo and other Korean companies in Nigeria. I thank you for your faith in Nigeria,” the President said

There had been previous attempts at rehabilitation of the four refineries in Nigeria. In January 2022, Nigeria spent about N8.3billion monthly for 12 months, between January and December 2021 on refinery rehabilitation.

Minister of state, petroleum resources,  Mr Timipre Sylva, at the 2022 Oil Trading and Logistics Africa Downstream Week, assured that Nigeria intends to fast-track ongoing rehabilitation of refineries in the country.

Also Read: Declining Oil Output: NNPC Pleads For Credit With Local Suppliers

He made a promise that the Warri refinery will commence operations in December 2023. In August 2021, the Federal Executive Council (FEC) approved the sum of $1.48 billion for the rehabilitation of both the Warri and Kaduna refineries. 

Refineries rehabilitation gulped N100 billion in 2021, the NNPC said. The money was spent on refineries’ rehabilitation.

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