By TechnocratMedia
The Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) have signed a Memorandum of Understanding (MoU) with Daewoo Group for the rehabilitation of the Kaduna refinery.
Femi Adesina, special adviser to the president on media and publicity, disclosed the development in a statement on Thursday.
He said the agreement was signed on the sidelines of the 2022 World Bio Summit on Thursday in Seoul, South Korea
The summit gathers health experts, heads of international organisations, and leaders of top biopharmaceutical firms.
According to the statement, President Muhammadu Buhari, who witnessed the signing ceremony, was excited as it came against the back of ongoing rehabilitation work at the Warri refinery.
“Daewoo Group has massive investments in the automobile, maritime, and other sectors of our economy,” Adesina quoted Buhari as saying.
“I am also aware that Daewoo is currently engaged in the execution of the NLNG train seven project and also constructing sea-going LPG vessels for NNPC and her partners.”
The president said he looks “forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven”.
“This no doubt will open many more windows of opportunities for Daewoo and other Korean companies in Nigeria,” he said.
“I thank you for your faith in Nigeria.”
In August 2021, the federal executive council (FEC) approved $1.48 billion for the rehabilitation of both Warri and Kaduna refineries which generated broad criticisms from Nigerians and experts in the sector.
TECHNORCAT MEDIA found out that Daewoo is a South Korean Conglomerate founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999, with debts of about US$50 billion (equivalent to $81 billion in 2021), according to Wikipedia.
The company is active in many markets, most significantly in steel processing, ship building, and financial services. The corporate entity known as “Daewoo Corporation” is now known as “Daewoo Electronics” and is focused solely on manufacturing electronics.
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