By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: BREAKING: FEC approves $1.5bn for rehabilitation of Port Harcourt refinery
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > BREAKING: FEC approves $1.5bn for rehabilitation of Port Harcourt refinery
News

BREAKING: FEC approves $1.5bn for rehabilitation of Port Harcourt refinery

Fesadeb
Last updated: 2021/03/17 at 5:10 PM
Fesadeb Published March 17, 2021
Share
SHARE

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.

“And I believe that this is good news for Nigeria,” he said.

You Might Also Like

SDP Zonal Chairman in Kaduna Dies in Road Crash

Swift Action by Oyo Firefighters Prevents Petrol Tanker Explosion

Dowen College Graduates Earn Multi-Million Dollar Scholarships to Study Abroad

Wike Declares End to Rivers Political Crisis, Vows Loyalty to PDP

Tinubu Urges Nigerians in Saint Lucia to Uphold Host Country’s Laws

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb March 17, 2021 March 17, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?