FEC Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery

The Federal Executive Council (FEC) has approved the sum of $1.5
billion for the rehabilitation of the largest refining company in
the country, the Port Harcourt Refinery.

The Minister of State for Petroleum Resources, Chief Timipre
Sylva, disclosed this to State House Correspondents after the
weekly virtual FEC meeting, presided over by President Muhammadu
Buhari at the Aso Rock Presidential Villa, Abuja.

According to the Minister, the rehabilitation will be done in
three phases of 18, 24 and 44 months, adding that the contract was
awarded to an Italian company, Technimount SPA, who are experts in
refinery maintenance.

He said the funding has three components from Nigerian National
Petroleum Corporation (NNPC) Internally Generated Revenue (IGR),
budgetary allocations provisions and Afreximbank.

The Minister also assured that local content is fully involved
in the job.

“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 $1.5 billion and it was approved by
council today.

“So we are happy to announce that the rehabilitation of
productivity 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.

The Federal Executive Council (FEC) has approved the sum of $1.5
billion for the rehabilitation of the largest refining company in
the country, the Port Harcourt Refinery.

The Minister of State for Petroleum Resources, Chief Timipre
Sylva, disclosed this to State House Correspondents after the
weekly virtual FEC meeting, presided over by President Muhammadu
Buhari at the Aso Rock Presidential Villa, Abuja.

According to the Minister, the rehabilitation will be done in
three phases of 18, 24 and 44 months, adding that the contract was
awarded to an Italian company, Technimount SPA, who are experts in
refinery maintenance.

He said the funding has three components from Nigerian National
Petroleum Corporation (NNPC) Internally Generated Revenue (IGR),
budgetary allocations provisions and Afreximbank.

The Minister also assured that local content is fully involved
in the job.

“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 $1.5 billion and it was approved by
council today.

“So we are happy to announce that the rehabilitation of
productivity 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.