FG Approves $1.5bn rehabilitation fund for Port Harcourt Refinery

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.”