NNPCL signs $741m deal to rehabilitate Kaduna refinery

“The NNPCL currently imports the entirety of Nigeria’s gasoline requirements — mainly via crude-for-fuel swaps with local and international traders — which it then sells at a steep loss to retailers and wholesalers,” it added.

The government has said that it will remove the costly subsidy in June, even though a new administration will be in the office by then following elections scheduled for later this month. “The NNPC will finance Daewoo’s “quick-fix” turnaround work at the Kaduna plant — which was commissioned in 1980 — through a mix of its own revenue and third-party financing,” the company said, without identifying any lenders.

The company is already paying Italy’s Maire Tecnimont SpA to rehabilitate two state-owned refineries in the oil hub of Port Harcourt that have a combined capacity of 210,000 barrels a day, mainly funding the project with a $1 billion loan from the Cairo-headquartered African Export–Import Bank. “Once those facilities and another NNPC plant in the southern city of Warri resume production, the company will hire reputable outside contractors to run them,” it said in the statement.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Source: News Formal (newsformal.com)

Foolishness....sell it

Chayi who do us like this kwanu , e never too much ✋just say make I ask ohoooo.

Where is the money 💰 👀

What abt the warri refinery & of rivers ? At times ehn, this so called government ehn...

Crude oil is in Niger Delta, refinery is in Kaduna… 🤦🏽‍♂️

Problem

Why is the refinery far from where oil is being drilled?

This their logo dey amaze me... Omoh, the person wet design that logo no fear God. Just like the new Naira

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