Daewoo E&C, Nigerian Petroleum reaffirm joint project goals

(From left) Nigdel Oil Chairman Joseph T. Penawou, Daewoo E&C Chairman Jung Won-joo, Nigerian National Petroleum Corporation Group CEO Mele Kolo Kyari, and Paik Jung-wan, CEO of the Korean builder, pose for a photo during their meeting in Seoul on Monday. (Daewoo E&C)

Daewoo Engineering & Construction CEO Baek Jung-wan and Nigerian National Petroleum Corporation’s Group General Manager Mele Kolo Kyari reaffirmed their commitment to their ongoing joint oil and gas projects in Nigeria, a sector vital to the African country's economy, during a meeting at Daewoo's Seoul headquarters on Monday.

Daewoo E&C Chairman Jung Won-joo and Nigdel Oil Chairman Joseph T. Penawou were also present at the meeting.

Daewoo E&C, with a history in Nigeria dating back to 1978, has completed over 70 projects in the nation, cementing its substantial presence in Africa’s largest oil-producing country. The company's ongoing involvement in Nigeria aligns with the global trend towards eco-friendly energy sources and the rising demand for liquefied natural gas.

The South Korean construction giant is actively managing two significant projects in Nigeria. One major project is the NLNG Train 7, a substantial expansion of the Nigeria Liquefied Natural Gas plant on Bonny Island. This project, estimated to cost around $6.5 billion and create 52,000 jobs, aims to increase the terminal's production capacity by 35 percent to 30 million tons per year, effectively adding the output equivalent to a medium-sized LNG facility.

"We're deeply committed to the Nigerian economy and eager to contribute to its development through these projects. Daewoo E&C is ready to lend our full support to ensure the success of these initiatives," said Baek.

Additionally, Daewoo E&C is overseeing the rehabilitation project of the Warri and Kaduna refineries. Baek sought NNPC’s continued support for these projects and reaffirmed his commitment to a long-term partnership.

"The international community, including Daewoo E&C, is paying close attention to Nigeria's energy sector. Daewoo E&C stands out as one of NNPC's most critical partners in our journey toward energy development," said Kyari.

“As the leading oil producer in Africa, Nigeria is a critical market for us. We've built a reputation for our global competitiveness and anticipate more business opportunities. Our aim is to lead in bridging Korean construction expertise with Nigeria's economic growth, establishing it as our most significant market in Africa” a Daewoo E&C official added.

By Moon Joon-hyun(mjh@heraldcorp.com)