Nigeria Govt Approves Acquisition Of 20% Stake In Dangote Refinery

*To Buy 20% Of Dangote Refinery’s Shares For $2.76
Billion

The Federal Executive Council (FEC) has approved the acquisition
of 20 per cent minority stakes by the Nigerian National Petroleum
Corporation(NNPC) in the Dangote Petroleum and Petro-Chemical
Refinery.

Timipre Sylva, Minister of State for Petroleum Resources,
briefed State House correspondents after the virtual FEC meeting
presided over by Vice President Yemi Osinbajo on Wednesday at the
Presidential Villa.

Sylva said the acquisition was in the sum of 2.76 billion
dollars.

He said that council also approved contracts for the
rehabilitation of Warri and Kaduna refineries.

“The FEC, today, approved the award of contract for the
rehabilitation of Warri and Kaduna Refineries at the combined total
sum of 1.5 billion dollars– 897. 67 million dollars for Warri
Refinery and 586. 9 million dollars for Kaduna Refinery.

“The Executive Council also approved the acquisition of 20 per
cent minority stakes by the NNPC in the Dangote Petroleum and
Petro-Chemical Refineries in the sum of 2.76 billion dollars.

“The completion of the rehabilitation of the Warri and Kaduna
Refineries is going to be in three phases.

“ First phase is within 21 months; in 23 months, phase 2 will be
completed and in 33 months, the full rehabilitation will be
completed.

“Work has already commenced in Port Harcourt; already the first
15 per cent of the contract sum has been paid to the contractor and
contractor has fully mobilized to site,’’ he said.

He said that the council also discussed the need to give
periodic updates on the projects.

According to him, there will soon be an inspection of work in
the Port Harcourt Refinery.

*To Buy 20% Of Dangote Refinery’s Shares For $2.76
Billion

The Federal Executive Council (FEC) has approved the acquisition
of 20 per cent minority stakes by the Nigerian National Petroleum
Corporation(NNPC) in the Dangote Petroleum and Petro-Chemical
Refinery.

Timipre Sylva, Minister of State for Petroleum Resources,
briefed State House correspondents after the virtual FEC meeting
presided over by Vice President Yemi Osinbajo on Wednesday at the
Presidential Villa.

Sylva said the acquisition was in the sum of 2.76 billion
dollars.

He said that council also approved contracts for the
rehabilitation of Warri and Kaduna refineries.

“The FEC, today, approved the award of contract for the
rehabilitation of Warri and Kaduna Refineries at the combined total
sum of 1.5 billion dollars– 897. 67 million dollars for Warri
Refinery and 586. 9 million dollars for Kaduna Refinery.

“The Executive Council also approved the acquisition of 20 per
cent minority stakes by the NNPC in the Dangote Petroleum and
Petro-Chemical Refineries in the sum of 2.76 billion dollars.

“The completion of the rehabilitation of the Warri and Kaduna
Refineries is going to be in three phases.

“ First phase is within 21 months; in 23 months, phase 2 will be
completed and in 33 months, the full rehabilitation will be
completed.

“Work has already commenced in Port Harcourt; already the first
15 per cent of the contract sum has been paid to the contractor and
contractor has fully mobilized to site,’’ he said.

He said that the council also discussed the need to give
periodic updates on the projects.

According to him, there will soon be an inspection of work in
the Port Harcourt Refinery.