Just in: FG Earmarks $1.5bn for Rehabilitation of Port Harcourt Refinery

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Pix: Chief Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources
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The Federal Government has earmarked the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery, Nigeria’s single largest refining entity.

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The approval came today, March 17, at the 38th virtual meeting of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari.

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Said Chief Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources: “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 approved by the council today,” adding that, “we are happy to announce that the rehabilitation of productivity refinery will commence in three phases.”

The first phase, he said, “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 also approved.

“And I believe that this is good news for Nigeria.”/ SHARE THIS

• Tags: President Muhammadu Buhari, Chief Timipre Sylva, FEC

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