The Federal Executive Council has approved $1.5 billion for the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery.
The fund was approved during the weekly meeting of the council on Wednesday.
The Minister of State for Petroleum Resources, Timipre Sylva, told State House correspondents at the end of the meeting that the Ministry of Petroleum Resources presented a memo on the rehabilitation of the refinery in Port Harcourt for the sum of $1.5 billion and the memo was approved by council.
He said, “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 per cent 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.”
