The federal government is to spend $1.5 billion on the rehabilitation of the Port Harcourt refinery, one of the four refineries in the country.
The Minister of State for Petroleum Resources, Timpre Sylva, who disclosed this to newsmen on Wednesday at the end of the weekly meeting of the Federal Executive Council (FEC) at the State House, Abuja, said the memo for the rehabilitation of the refinery was approved at Tuesday’s FEC meeting presided over by President Muhammadu Buhari.
According to him, the rehabilitation of the refinery will be carried out in three phases over a completion period of 44 months.
He said the contract was awarded to an Italian company, Technimount SPA, who are experts in refinery maintenance, adding that the funding has three components from the Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR), budgetary allocations provisions and Afreximbank.
Sylva added that the other three refineries in Onne, Warri and Kaduna will also be rehabilitated before the end of the present administration in May 2023.
Credit THIS DAY