Afrigather The Nigerian Nationwide Petroleum Firm (NNPC) Restricted has signed a $741 million upkeep service contract with a South Korean engineering firm, Daewoo Engineering and Building Firm Restricted (KRPC). This was disclosed by a press release issued by the NNPC.
NNPC within the assertion revealed that the deal was focused at repairing the Kaduna Refinery and Petroleum Company shortly. It additionally asserted that the agreements have been concluded on the NNPC Towers in Abuja yesterday.
Situations of the $741 Oil Deal
The NNPC hinted that the Korean firm, Daewoo should facilitate the increment of manufacturing on the inoperative 110,000 barrels per day facility to at the very least 60% of its capability by the top of 2024. It additionally famous that “it’s going to finance Daewoo’s “quick-fix” turnaround work on the Kaduna plant by way of a mixture of its personal income and third-party financing.”
The $741 Oil Deal, in keeping with NNPC comes as a part of “efforts to cut back Nigeria’s close to complete reliance on imported gas” which in keeping with them has been “a protracted supply of embarrassment for the federal government of Africa’s largest crude producer.”
NNPC speaks on different investments
It revealed that it acquired a 20 per cent stake in an enormous 650,000 barrel-a-day complicated being constructed by Africa’s richest particular person, Aliko Dangote. NNPC added that additionally it is funding Italy’s Maire Tecnimont SpA to rehabilitate two state-owned refineries in Port Harcourt. The 2 state-owned refineries have a mixed capability of 210,000 barrels a day. It additional famous that the rehabilitation is being funded with a $1 billion mortgage from the Cairo-headquartered African Export–Import Financial institution.
Talking on the operations of each refineries, NNPCL disclosed that it’s going to rent respected contractors from exterior the nation to run them, as soon as they resume manufacturing.
Recall that the Nigerian authorities had earlier introduced plans to take away gas subsidies in June 2023.
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