Thursday, March 23, 2023
Home World NNPC signs $741m deal with Daewoo for Kaduna Refinery

NNPC signs $741m deal with Daewoo for Kaduna Refinery

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).


CBN advises Central Bankers in Africa to ensure tighter regulation of banks

Emefiele gave the charge on Wednesday, March 15, 2023, at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa.

Shell lifts force majeure on Bonny light exports

The force majeure was declared on March 3, 2022 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal.

Many civil servants feared dead, injured as train crushes Lagos staff bus

A yet-to-be-ascertained number of people have been feared dead and several civil servants injured after a train crushed a Lagos State Government...


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

We pay for only electricity generated, put on the grid – NBET 

The Nigerian Bulk Electricity Trading (NBET), has said that it only responsible for electricity generated and put on the grid and not...

NLNG joins U.N. group to reduce methane emissions, pursues decarbonisation

 According to NLNG’s Managing Director and Chief Executive Officer, Dr Philip Mshelbila, the Company had signed an MoU with UNEP in the last quarter of 2022, stating that the signing demonstrated the Company’s commitment to reduce methane emissions from its operations as part of its decarbonisation journey.

Nigeria launches six regulations for Midstream, Downstream petroleum sector

The new regulations are: Midstream and Downstream Petroleum Operations Regulations, 2023, Assignment or Transfer of License and Permit Regulations, 2023; Petroleum Measurement Regulations, 2023;. Gas Pricing and Domestic Demand Regulations, 2023; Petroleum (Transport and Shipment) Regulations, 2023 as well as  Natural Gas Pipelines Tariff Regulations, 2023.

NBET denies NDPHC January payment

NDPHC, from data gathered by energy TIMES, was billed N854,104,159 million, having consumed 861,007.18 million cubic feet of gas in the month of January.

Recent Comments