The Federal Executive Council (FEC) on Wednesday approved $1.5 billion for the immediate rehabilitation of the Port Harcourt refinery in Rivers State.
This follows a memo by the Minister of State for Petroleum Resources, Timipre Sylva, on its rehabilitation, which was presented to the council and its subsequent approval on Wednesday.
Sylva disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.
The minister said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5 billion and it was approved by council today.
“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”.
The Personal Assistant to the President on New Media, Bashir Ahmad, also confirmed the development via his official Twitter handle.
“The Federal Executive Council (FEC) approves the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery. The rehabilitation which was awarded to Tecnimont SPA, an Italian company will be done in three phases of 18, 24 and 44 months, Honourable Minister of State for Petroleum Resources, Sylva has disclosed,” Ahmad wrote.
