Breaking: FG approves $1.5bn for rehabilitation of Port Harcourt refinery
Breaking: FG approves $1.5bn for
rehabilitation of Port Harcourt refinery
To fix all refineries before Buhari
leaves office By Johnbosco Agbakwuru— ABUJA THE Federal Government has approved
the sum of $1.5bn for the rehabilitation of the Port Harcourt Refinery. The
Minister of State for Petroleum Resources, Timipre Sylva, stated this while briefing
newsmen at the end of the Federal Executive Council, FEC, meeting presided over
by President Muhammadu Buhari at the Council Chamber, Presidential Villa,
Abuja, on Thursday.
The minister said that the
rehabilitation, which would be in three phases, will commence immediately and
to be handled by an Italian firm, Tecnimont S.P.A. He explained that the first
phase would be completed in 18 months, the second phase in 24 months and the
final phase would be within 44 months.
He assured that the other three
refineries will be put in place before the end of the Buhari-led
administration. 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(Thursday).
“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% of its nameplate
capacity. “The second phase is to be completed in 24 months and all the final
stage will be completed in 44 months and consultations are approved. “And I
believe that this is good news for Nigeria.”
Nigeria News Paper
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