News24.com | Nigeria approves R22 billion funding to restore key oil refinery

The four facilities in Port Harcourt, Warri and Kaduna have a combined capacity to process 445 000 barrels per day (bpd).

The four facilities in Port Harcourt, Warri and Kaduna contain a blended ability to direction of 445 000 barrels per day (bpd).

  • Nigeria acknowledged it had accredited funding of $1.5 billion (R22 billion) to restore one in all its excellent oil refineries shut down two years within the past.
  • The four facilities in Port Harcourt, Warri and Kaduna contain a blended ability to direction of 445 000 barrels per day.
  • Petroleum Minister Timipre Sylva acknowledged funding would come from plenty of sources including “internally generated revenue” and a mortgage from the African Export-Import Bank known as Afreximbank.

Despite being Africa’s no 1 oil producer, Nigeria has relied on imports of petroleum products thanks to a lack of domestic refining ability.

As piece of moves to overhaul the Nigerian Nationwide Petroleum Company (NNPC), the authorities has been working to toughen ability on the nation’s below-performing articulate-owned refineries.

The four facilities in Port Harcourt, Warri and Kaduna contain a blended ability to direction of 445 000 barrels per day (bpd).

But they had been shut down in 2019.

The authorities has chosen Italian agency, Maire Tecnimont, to lift out the restore work at Port Harcourt, which has ability of some 210 000 bpd, Petroleum Minister Timipre Sylva acknowledged.

“We are delighted to announce that the rehabilitation of productivity refinery will birth in three phases,” Sylva told newshounds.

“The first piece is to be accomplished in 18 months, which can hang the refinery to a producing of 90% of its nameplate ability,” acknowledged Sylva, including that the 2d piece can be accomplished in 24 months and the third in 44 months.

The minister acknowledged funding would come from plenty of sources, including “internally generated revenue” and a mortgage from the African Export-Import Bank known as Afreximbank.

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