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Published 17 March 2021
The Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.
The minister 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.
FEC approves $1.5 billion for repair of Port Harcourt Refinery
Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products.
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The Federal Executive Council (FEC) has approved $1.5 billion (about N600 billion) for the rehabilitation of the Port Harcourt refinery.
The FEC approved the amount at its virtual meeting held Wednesday and presided by President Muhammadu Buhari.
The approval comes amidst a controversial price increase in the pump price of petrol that was later reversed.
Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products.
The Minister of State for Petroleum, Timipre Sylva, who briefed reporters after the FEC meeting said the rehabilitation will be done in three phases of 18, 24 and 44 months.
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He explained that the first phase would be completed in 18 months, the second phase in 24 months and the final phase would be within 44 months.
He assured that the other three refineries will be put in place before the end of the Buhari-led administration.
He said, “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 (Thursday).
“So, we are happy to announce that the rehabilitation of the 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% of its nameplate capacity.
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