NNPCL Signs $741m Deal to Rehabilitate Kaduna Refinery

The Nigerian National Petroleum Company Limited has reached an agreement worth $741million with Daewoo Engineering and Construction Company. And this is for the purpose of renovating an oil refinery in Kaduna State.

At a ceremony on Thursday, NNPCL reportedly inked the maintenance service contract with the South Korean technical company.

NNPCL Signs $741m Deal
Under the terms of the agreement, Daewoo will restore production at the idle 110,000 barrels per day facility. And this is to at least 60% of its capacity by the end of 2024. This was stated by the firm in a statement.

The agreement is a component of the NNPCL’s efforts. It aims to lessen Nigeria’s nearly complete reliance on gasoline imports. This has long been embarrassing for the nation’s government as Africa’s top petroleum producer.

Aliko Dangote, the richest man in Africa, is building a massive 650,000-barrel-per-day complex south of Lagos. And the business has also purchased a 20% share. The project, which has experienced numerous delays, may start production later this year.

The NNPCL now imports all of Nigeria’s gasoline needs. And primarily through crude-for-fuel trades with regional and international traders. And this subsequently sells to consumers and wholesalers at a significant loss.

Even though a new administration will be in place by then as a result of elections that are due for later this month, note. Also, the government has stated that it will abolish the expensive subsidy in June.

The company said, without identifying any lenders:

“The NNPC will finance Daewoo’s quick-fix turnaround work at the Kaduna plant – which was commissioned in 1980 – through a mix of its own revenue and third-party financing”.

Two state-owned refineries in the oil hub of Port Harcourt that have a combined capacity of 210,000 barrels per day are already being renovated by the company.

The project is primarily funded by a $1 billion loan from the African Export-Import Bank, which has its headquarters in Cairo.

“Once those facilities and another NNPC plant in the southern city of Warri resume production, the company will hire reputable outside contractors to run them”.
Continue Reading: https://politainment.net/nigeria/nnpcl-signs-741m-deal-to-rehabilitate-kaduna-refinery/

Money don dey enter bush..... Dey just dey carry us go where we don't know.

Hopefully, this won't be a parting gift to some people.

What of Warri and Port Harcourt?

Why is there a refinery in Kaduna?

Just sell the Refinery and stop wasting public funds, ... i can count all the TAM we have had and still it is not working

This government is so insulting of the south
U are signing such a magnitude of millions of dollars away just two weeks to election.

What happened to portharcourt and warri refinery?

Such huge amount.
The Niger delta owns the oil but u v kept investment Into oil away from Niger delta.

The south remembers.

Even British empire did not last for ever

Lol

Northern Nigeria Petroleum Company Limited.

Una wehdone