The Federal Executive Council(FEC) has approved the sum of $1.5b for the rehabilitation of the largest but dormant Port Harcourt refinery.
The Minister of State for Petroleum Resources, Chief Timipre Sylva made this known to the press after the weekly virtual FEC meeting presided over by the President.
The Minister further stated that the contract has been awarded to Italian company, Technimount SPA; he also went on to relay that the contract will be carried out in 3 phases of 18, 24 and 44 months.
Read Also: Former JAMB Registrar Professor Dibu Arrested By ICPC Over N900m Fraud
Further speaking, he stated that the funding for the project has three components from the Nigerian National Petroleum Corporation(NNPC), Internally Generated Revenue and budgetary allocations.
The Minister also assured that local manpower is involved in the project.
In his words;
“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 stage will be completed in 44 months and consultations are approved.
