From Juliana Taiwo-Obalonye, Abuja 

President Muhammadu Buhari Thursday in Seoul, South Korea, witnessed the signing of the Memorandum of Understanding between Nigerian National Petroleum Company (NNPC) Ltd. and Daewoo Group of South Korea for the rehabilitation of the Kaduna refinery.

According to a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, titled ‘Kaduna refinery rehabilitation gets boost as President Buhari witnesses signing of MoU between NNPC Ltd and Daewoo Group in Seoul’, Buhari thanked the government of South Korea, for its generosity in the rehabilitation of both Kaduna and Warri refineries.

He described the agreement as “very significant,” noting that “technology transfer is not easy.”

Speaking during his meeting with the Speaker of the National Assembly of the Republic of Korea, Kim Jin-Pyo, on the sidelines of the World Bio Summit 2022, he said he is particularly excited as the signing came on the heels of the ongoing rehabilitation at the Warri refinery by the same Daewoo Group which will at the first instance, deliver fuel production before the first half of 2023

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At the signing, Buhari said: “Daewoo Group has massive investments in the automobile, maritime and other sectors of our economy.

“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.”

He said he looked “forward to the delivery of ongoing projects, especially at the Warri and Kaduna refineries, and the NLNG Train Seven,” stressing that “This no doubt will open many more windows of oppourtunities for Daewoo and other Korean companies in Nigeria.”

“I thank you for your faith in Nigeria,” Buhari told the Korean conglomerate at the end of the signing ceremony on the last day of his visit to the Asian country to attend the First World Bio Summit.