The Nigerian National Petroleum Company (NNPC) Limited, for a simple solution restoration of Kaduna Refinery and Petroleum Company (KRPC), has connected a $741 million maintenance service contract with Daewoo Engineering and Construction Company Limited, a South Korean engineering firm.

It was disclosed in a remark published by the NNPC that the official gathering for signing took place on the 2nd of February at the NNPC towers in Abuja.

The commencement of the procedure at the 60,000 barrel-per-day Port Harcourt refinery has been suspended from December 2022 to the first substantial fraction of 2023, which was declared a few weeks before by federal government.

The prevalent pact is a smaller part of the government’s endeavour to reduce Nigeria’s immoderate dependence on petroleum import which is a significant source of humiliation for a state that is Africa’s leading crude oil manufacturer.

The NNPC declared that Daewoo must raise production at the slow pace of 110,00 barrels-per-day infrastructure to a minimum of 60% of its potential by the conclusion of 2024.

As a result of the imposement on the nation’s Forex, NNPC currently imports all of Nigeria’s petrol prerequisites basically through crude for fuel exchange with national and international traders.

NNPC look forward to funding Daewoo’s “quick fix” reversal work at the Kaduna Refinery and Petrochemical complex which was put into active service in 1980, employing a fusion of the company’s income and external funding. This, was according to the state-owned oil enterprise.

Aside these, the federal government revealed its purchase of shares in four self-owned refineries effective in diverse regions of the nation as one of its intentions to guarantee energy protection. The listed refineries are the 5,000 barrels-per-day Waltersmith Modular Refinery in Imo, the 650,000 barrels-per-day integrated Dangote Refinery in Lagos and 2,500 barrels-per-day Duport Modular Refinery in Edo.

Ajayi Taiye
Ajayi Taiye
Ajayi Taiye is a writer at helping to spread informative news to the public. Specializing in content writing, Taiye uses that experience to bring light to the African business news. Other times, Taiye loves getting creative with the keyboard and adding to the number of companions around her.

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