The plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5 billion has been approved by the Federal Executive Council.
FEC gave its approval to the plan during its weekly meeting on Wednesday presided over by President Muhammadu Buhari.
The development was made known to State House Correspondents by the Minister of State for Petroleum Resources, Timipre Sylva, at the end of the meeting at the Presidential Villa, Abuja.
“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,” Sylva said.
