Hyundai Heavy Industries Co. (HHI) has won a $58 million contract to construct 15 bullet tanks for the storage of liquefied petroleum gas (LPG) at Dangote Oil Refining Company. The 15 bullet tanks, with a diameter of 8 meters and a height of 95 meters will have the capacity to store 75,000 cubic meters of gas in total each.
The Dangote Refinery and Petrochemical occupies 2, 200 hectares at the Lekki Free Trade Zone in Lagos, and is adjudged as the single largest train petroleum refinery in the world.Upon completion, the refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.
The project is expected to generate 9,500 direct and 25,000 indirect jobs.
Hyundai Heavy Industries Co. (HHI) is South Korea’s largest shipbuilder founded the late Chung Ju-Yung as a construction company in 1947. The latest chapter of HHI’s history began with the separation from the Hyundai Group in February 2002. The independent establishment of the Hyundai Heavy Industries Group included mergers with Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.
Nigeria, in the last quarter of 2017, suffered a major scarcity of petroleum products. The NNPC has been the nation’s sole petrol importer as the landing price of petrol is currently at N170 per litre, way higher than the current official price of N145. President Muhammadu Buhari in his new year broadcast blamed the scarcity on sabotage and promised to get to the root of it. The country’s refineries are currently operating at less than a 10th of their capacity.
The Group Managing Director of NNPC, Mikanti Baru recently disclosed that financiers for the refurbishment of the refineries namely the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited would be picked soon.