The Federal Government Council (FEC) on Wednesday accredited 1.5 billion {dollars} for the rehabilitation of the Port Harcourt Refinery in Rivers State.

Minister of State for Petroleum Sources, Timipre Sylva, disclosed this whereas briefing State Home correspondents on the end result of the Council assembly held on the Presidential Villa, Abuja.

He stated the rehabilitation shall be performed in three phases of 18, 24 and 44 months.

Based on him, the approval was in fulfilment of the Federal Authorities’s want to resuscitate Nigeria’s refineries to cut back the price of processing petroleum merchandise in addition to enhance the financial system.

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He stated: “The Ministry of Petroleum is completely satisfied to announce that the rehabilitation of Port Harcourt refinery will begin forthwith. It’s in three phases.

“The primary part shall be accomplished in 18 months, which is able to take the refinery to a manufacturing of 90 per cent of its nameplate capability.

“The second part in 24 months and all the ultimate levels shall be accomplished in 44 months and consultations are accredited.

The minister famous that that is excellent news for Nigerians, including that an Italian firm would undertake the repairs and a upkeep firm would even be put in place, to make sure efficient upkeep tradition.

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“The contractor that was accredited by council at the moment is Tecnimont, SPA of Italy.

The minister said that the wanted fund for the rehabilitation work shall be shouldered by the federal authorities, Nigeria Nationwide Petroleum Company (NNPC) and Africa Export-Import Financial institution AFREXIM.

The minister additionally assured Nigerian that rehabilitation works on Kaduna and Warri refineries would even be carried out on or earlier than Might 2023

FEC approves $1.5bn for rehabilitation of Port Harcourt refinery

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