The Federal Government has approved $1.5bn for the rehabilitation of the Port Harcourt refinery in Rivers State.
The Minister of State for Petroleum Resources, Timipre Sylva, made this known to State House correspondents at the end of the Federal Executive Council meeting presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja, on Wednesday.
The minister announced that the rehabilitation of the refinery would commence in three phases, adding that the first phase to be completed in 18 months would take the refinery to 90 per cent production of capacity.
Sylva noted that the second phase is to be completed in 24 months and all the final stage would be completed in 44 months and consultations are approved.
“The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, 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 per cent of its nameplate capacity. The second phase is to be completed in 24 months and the final stage will be completed in 44 months, and consultations are approved. I believe that this is good news for Nigeria,” he said.
Get real time update about this post categories directly on your device, subscribe now.