Following a Refinery Repair Order Won in June
Daewoo Engineering and Construction (Daewoo E&C) has been chosen for a quick fix of Kaduna Oil Refinery in Nigeria.
Jungheung Group vice chairman Jung Won-joo and Daewoo E&C CEO Baek Jung-wan met with Nigerian President Muhammadu Buhari at Lotte Hotel Seoul on Oct. 27 and signed a letter of intent (LOI) on the emergency repair project.
The 110,000-barrel oil refinery was built by Chiyoda in 1983 in Kaduna, 160 km north of Abuja, the capital of Nigeria.
The project has been awarded to Daewoo E&C without a bidding process, and the main contract is expected to be signed by the first quarter of next year. The client is KRP, a subsidiary of NNPC, a Nigerian state-run oil company.
Nigeria is the largest oil producing country in Africa. But the nation urgently needs to renovate and repair its refining facilities, as it depends heavily on fuel imports due to a low utilization rate of its oil refineries. In this regard, in June, Daewoo E&C won an order worth US$492.3 million (about 604 billion won) for an emergency repair of Wari Oil Refinery.