Nigerian National Petroleum Company (NNPC) has signed a $741 million maintenance service contract with South Korea’s Daewoo Engineering and Construction (Daewoo E&C) for the quick-fix repair of Kaduna Refinery and Petroleum Company, The Punch newspaper reported, citing a company statement.

Daewoo E&C is expected to increase production at the currently idle 110,000 barrels per day (bpd) facility to at least 60 percent of its capacity by the end of 2024.

The  Kaduna refinery is one of Nigeria’s four dysfunctional refineries and recorded a 22.9 billion nairas loss in 2021, according to Premium Times newspaper.

(Writing by P Deol; Editing by Anoop Menon)