Kaduna Refining & Petrochemical Company Ltd (KRPC), a subsidiary of NNPCL, and Daewoo Engineering & Construction Nigeria Limited, have signed a $741 million contract for maintenance services for quick-fix repairs of KRPC.
The NNPC said that under the terms of the agreement, Daewoo will restore production at the inoperative 110,000 barrels-a-day facility to at least 60% of its capacity by the end of 2024.
The current deal is part of efforts by the federal government to reduce Nigeria’s over-dependence on imported petroleum products, a source of huge embarrassment to a country that is Africa’s largest crude oil producer.
The Federal Executive Council (FEC) had earlier in August 2021, approved the sum of $1.4 billion for the rehabilitation of Warri and Kaduna refineries.
The NNPC had already contracted Italy’s Maire Tecnimont SpA to rehabilitate 2 of its refineries in the oil hub of Port Harcourt that have a combined capacity of 210,000 barrels-a-day, with the project being primarily funded with a $1 billion loan from the Cairo-headquartered African Export–Import Bank (Afeximbank).
