The Federal Government has approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.
The Minister of State for Petroleum Resources, Timipre Sylva, made this known to State House correspondents at the end of the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, on Wednesday.
Sylva said the Ministry of Petroleum Resources had presented a proposal to the council presided over by President Muhammadu Buhari to rehabilitate the refinery.
The minister announced that the rehabilitation of the refinery will commence in three phases, adding that the first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.
Sylva noted that 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.
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 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 approved.
“And I believe that this is good news for Nigeria.”