The Nigerian National Petroleum Company (NNPC) Ltd and Daewoo Group of South Korea have signed a Memorandum of Understanding (MoU) for the rehabilitation of the Kaduna refinery.
President Muhammadu Buhari, who witnessed the signing ceremony on Thursday in Seoul, South Korea, expressed delight over the development.
The president, in a statement issued by his spokesman, Femi Adesina, was particularly excited as the signing came against the back of ongoing rehabilitation works at Warri refinery by the same Daewoo Group which will at the first instance, deliver fuel production before the first half of 2023.
According to him, “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 7 project and is 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 7,” 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 signing ceremony on the last day of his visit to the Asian country to attend the First World Bio Summit.