The 38th virtual meeting of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved the sum of $1.5 billion for the rehabilitation of the largest refining company in the country, Port Harcourt Refinery.
“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, said Minister of State for Petroleum, Timipre Sylva.
“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.”