What To Know About Nigeria’s New Oil Deal With South Korea
Nigeria has finalized an agreement with South Korean-based company, Daewoo to rehabilitate the Kaduna refinery.
According to an announcement by the Nigerian National Petroleum Company Limited has signed an agreement with Daewoo Group of South Korea for the rehabilitation of the Kaduna Refinery, the government said Thursday.
A spokesperson for President Muhammadu Buhari said in a statement that the agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea. Mr Buhari is attending the summit.
The 110,000 bpd-capacity Kaduna Refinery is one of Nigeria’s four dysfunctional refineries that have produced no fuel for years leaving the country to rely on imported products. It recorded a N22.9 billion loss in 2021.
The biggest state-run refinery, which is Port Harcourt, is currently undergoing repairs handled by Tecnimont of Italy. The government says it expects the plant to start production by December, although a PREMIUM TIMES review showed that is unlikely.