Port Harcourt Refinery: FG Approves $1.5bn For Rehabilitation
The Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
The approval was announced on Wednesday, at the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
Timipre Sylva, Minister of State for Petroleum, said the rehabilitation will be done in three phases of 18, 24 and 44 months.
He said the contract was awarded to an Italian company, Technimount SPA, who are experts in refinery maintenance.
“So, we are happy to announce that the rehabilitation of the 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 stage will be completed in 44 months and consultations are approved.
“And I believe that this is good news for Nigeria.” He said.
Details later…
