The government of Nigeria has given approval for the release of $1.5 billion to be used for the rehabilitation of Port Harcourt refinery.
President Muhammadu Buhari
$1.5billion has been allocated for the rehabilitation of Port Harcourt Refinery.
The Federal Executive Council gave the approval on Wednesday and the plan will be carried out by the Ministry of Petroleum Resources.
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.
“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.”