The Nigerian National Petroleum Company (NNPC) has signed a deal with Daewoo Engineering & Construction Nigeria Ltd for maintenance services, with the aim of promptly repairing the Kaduna Refining & Petrochemical Company (KRPC).
Daewoo Nigeria, a subsidiary of Daewoo E & C Co. Ltd of South Korea with a 90% share equity belonging to South Korea and 10% belonging to the country, has completed over sixty projects since its incorporation in the country in 1978.
NNPC Ltd’s group CEO, Mele Kyari, stated in an Abuja briefing in August 2022 that they plan to take back control of the refineries, run them as a business, and repay the loans obtained for their rehabilitation through the refineries’ productivity.
This was part of conditions by lenders financing the refineries’ rehabilitation. We already have contracts in place and contractors have been hired to restore the refineries to 100 per cent of installed capacity.
NNPC Ltd’s group CEO – Mele Kyari
After the ongoing rehabilitation, the state oil firm intends to outsource the management and operation of the country’s refineries.
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