• Saturday, April 13, 2024
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NNPC signs maintenance services agreement with Daewoo for Kaduna refinery

The Nigerian National Petroleum Company (NNPC) Limited has signed a maintenance services contract with Daewoo Engineering & Construction Nigeria Ltd for a quick-fix repair of the Kaduna Refining & Petrochemical Company (KRPC) ltd.

NNPC made the announcement on its official twitter handle today, tweeting “@nnpclimited’s Kaduna Refining & Petrochemical Company Ltd (KRPC) & Daewoo Engineering & Construction Nigeria Ltd. sign contract for maintenance services for quick-fix repairs of KRPC.”

Daewoo Nigeria is a subsidiary of Daewoo E & C co. Ltd of South Korea, having a share equity of 90 percent South Korea and 10 percent Nigeria. Since her incorporation in Nigeria; in 1978, the outfit has delivered well over sixty projects within the said space.

Read also: Global market for energy contractors to hit $1trn by 2025 – Rystad

“We will get the refineries back and run it as a business, we borrowed money to fix it and repayment for loans obtained is tied against the productivity of the refineries,” said Mele Kyari, group CEO of NNPC Ltd, in a briefing in Abuja in August 2022.

He said the state oil firm will outsource the operations and management of the country’s refineries after ongoing rehabilitation.

“This was part of conditions by lenders who are financing the rehabilitation of the refineries,” he said. “We already have contracts in place and contractors have been hired with the objective of restoring the refineries to 100 percent of installed capacity.”