FG approves $1.5bn for rehabilitation of Port Harcourt refinery
Timipre Sylva says the development is a piece of good news for Nigeria.
The council made the decision at its weekly meeting presided over by President Muhammadu Buhari.
The Minister of State for Petroleum Resources, Timipre Sylva, made this known to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.
The elated minister said the rehabilitation of the refinery will commence in three phases.
He said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5 billion 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 all the final stage will be completed in 44 months and consultations are approved.
Sylva said he believes that the development is a piece of good news for Nigeria.
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