Home Finance Hyundai to Set Up Car Plant, Rehabilitate Nigerian Refineries
Finance - News around Africa - December 18, 2019

Hyundai to Set Up Car Plant, Rehabilitate Nigerian Refineries

South Korean Engineering Company, Hyundai Engineering Limited is planning to set up its car plant and invest in the rehabilitation of Nigeria’s petroleum refineries.

The Engineering company is a group under South Korea’s industrial conglomerate.

The announcement was made during a visit to the President Muhammadu Buhari at the State House in Abuja, by the President/Chief Executive Officer of Hyundai Engineering, Chang Hag Kim.

Accepting the proposal, Buhari, promised that the Federal Government would give the relevant support to the firm to bring its plan to achievement.

He explained that Nigeria was focused on achieving energy security for the country, and  added “the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.”

In a statement by his media assistant, Femi Adesina, after the meeting, Buhari was quoted saying, “We will collaborate and support to make the investment a reality.”

In response, Hag Kim told Buhari that his firm was ready to invest in the Nigerian economy.

“We have been building refineries worldwide.

“We have the biggest in South Korea, with 650, 000 barrels per day capacity. We are also in Venezuela, Iraq, and many other places. We will be glad to contribute our quota in Nigeria,” the CEO stated.

Founded in 1967, the 51-year-old Hyundai has over 15,000 engineers and technical staff around the world.


Related: South Africa, Nigeria to Develop Automotive Development Plan – Ramaphosa

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