FG signs $1.5bn for reconstructing Port Harcourt refinery

Obinwannem News FG signs $1.5bn for reconstructing Port Harcourt refinery

The Federal Executive Council (FEC) has formalized the approval of the sum of $1.5 billion for the prompt reconstruction of the Port Harcourt refinery, also known as the largest refinery in the country.

The Minister of State for Petroleum Resources, Timipire Sylva, in a memo presented to the concil and its subsequent approval today, March 17, 2021.

Bashir Ahmad, the personal Assistant to the President on News Media in his official Twitter handle confirmed the disclosure made by Sylva, while briefing State House correspondent, after FEC meeting on Wednesday.

The tweet said, “The Federal Executive Council (FEC) approves the sum of $1.5billion for the rehabilitation of the Portharcourt Refinery, the rehabilitation was awarded to Tecnimont SPA, an Italian company will be done in three phases of 18, 24, and 44 months, Honorable Minister for Petroleum Resources, Sylva has disclosed “.

Sylva said, “The first phase will be completed in 18 months which take the refinery to a production of 90 percent of its capacity; the second phase will be completed in 24 months, while the final phase will be completed in 44 months. The contractor approved by the council is an Italian company, who one the bid to handle the rehabilitation project.”

Sylva added that, maintenance, a major challenge of the refinery was elaborately discussed, and a professional would be employed to manage the refinery after rehabilitation – as means to cushion the effect of damage.

Lolo Ijeoma Njoku reporting, Obinwannem News

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