The Federal Government Council (FEC) has accepted the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers state.
The approval got here on Wednesday March 17, on the 38th digital FEC assembly presided over by President Muhammadu Buhari in Abuja.
Minister of State for Petroleum Assets, Timipre Sylva confirmed this whereas addressing State Home correspondents on the finish of the assembly on the Presidential Villa, Abuja.
“The Ministry of Petroleum Assets offered 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 accepted by council right now.
“So, we’re completely satisfied to announce that the rehabilitation of the refinery will start in three phases. The primary part is to be accomplished in 18 months, which is able to take the refinery to a manufacturing of 90 p.c of its nameplate capability.
“The second part is to be accomplished in 24 months and all the ultimate stage will likely be accomplished in 44 months and consultations are accepted.
“And I consider that that is excellent news for Nigeria.”