Nigeria: Govt Approves $1.5 Billion for Restore of Port Harcourt Refinery

Though Nigeria has four refineries, all authorities-owned, it at the moment imports almost all its refined petroleum merchandise.

The Federal Govt Council (FEC) has licensed $1.5 billion (about N600 billion) for the rehabilitation of the Port Harcourt refinery.

The FEC licensed the amount at its digital meeting held Wednesday and presided by President Muhammadu Buhari.

The approval comes amidst a controversial mark expand within the pump mark of petrol that used to be later reversed.

Though Nigeria has four refineries, all authorities-owned, it at the moment imports almost all its refined petroleum merchandise.

The Minister of Whisper for Petroleum, Timipre Sylva, who briefed journalists after the FEC meeting said the rehabilitation will likely be performed in three phases of 18, 24 and 44 months.

He said the contract used to be awarded to an Italian firm, Tecnimont SPA, who, consistent with the minister, are experts in refinery repairs.

Mr Sylva said the funding of the repairs will likely be from many ingredients including the Nigerian Nationwide Petroleum Company (NNPC), Internally Generated Earnings (IGR), budgetary provisions and Afreximbank.

“The Ministry of Petroleum Sources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of 1.5 billion, and that memo used to be $1.5 billion and it used to be licensed by council this day.

“So we’re chuffed to assert that the rehabilitation of productiveness refinery will start in three phases. The principle phase is to be performed in 18 months, which is in a feature to expend the refinery to a production of 90 percent of its nameplate skill.

“The second phase is to be performed in 24 months and your total perfect stage will likely be performed in 44 months and consultations are licensed.

“And I feel that here’s honest correct data for Nigeria.”

The approval of the $1.5 billion to rehabilitate the refineries is anticipated to be greeted with mixed feelings as the country has within the previous spent billions of bucks on refinery repairs. In spite of such expenditure, on the opposite hand, the refineries possess no longer worked with many experts calling for his or her privatisation.

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