FG to spend $1.5bn on rehabilitation of Refinery in Port Harcourt

FG to spend $1.5bn on rehabilitation of Refinery in Port Harcourt

The 38th virtual meeting of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari on Wednesday, approved the sum of $1.5 billion for the rehabilitation of the Refinery in Port Harcourt.

Minister of State for Petroleum, Timipre Sylva, said the rehabilitation of the largest refining company in the country will be in three phases which he said in 18, 24 and 44 months.

He said the contract was awarded to an Italian company, Technimount SPA, who are experts in refinery maintenance.

The Minister explained that the funding has three components from Nigerian National Petroleum Corporation (NNPC) Internally Generated Revenue (IGR), budgetary allocations provisions and Afreximbank.

FG to spend $1.5bn on rehabilitation of Refinery in Port Harcourt

Sylva who addressed State House Correspondents alongside the Minister of Information and Culture, Lai Mohammed as well as that of the Ministries of Works and Housing, Babatunde Fashola, Health, Dr Osagie Ehanire and Budget and National Planning, Clement Agba, assured that local content will be fully involved in the job.

He said: “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of 1.5 billion, and that memo was $1.5 billion and it was approved by council today.

“So we are happy to announce that the rehabilitation of productivity refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.

“The second phase is to be completed in 24 months and all the final stages will be completed in 44 months and consultations are approved. And I believe that this is good news for Nigeria,” Sylva stated.

FG to spend $1.5bn on rehabilitation of Refinery in Port Harcourt