By allcitynews.ng
As Federal Executive Council (FEC) approved $1.5 billion for repair of Port Harcourt Refinery, then this brings to fulfilment 6 years after, part of PMB 2015 electioneering promises, to bring back life into the nation’s refineries if voted to power.
There seems to be light at the end of the tunnel of too much dependence on imported petroleum products at the detriment of homemade refining of oil.
If this move is thoroughly carried out to the last letter as it would take 18, 24 and 44 months for completion, then, PMB regime is just fullfilling part of his 2015 electioneering campaigns to bring back to life the country’s refineries if voted to power.
Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products thereby creating jobs for thousands of other nationals and countries at the detriment of millions of unemployed Nigerians.
The Federal Executive Council (FEC) has approved $1.5 billion (about N600 billion) for the rehabilitation of the Port Harcourt refinery.
The FEC approved the amount at its virtual meeting held Wednesday and presided by President Muhammadu Buhari.
The approval comes amidst a controversial price increase in the pump price of petrol that was later reversed.
The Minister of State for Petroleum, Timipre Sylva, who briefed reporters after the FEC meeting said the rehabilitation will be done in three phases of 18, 24 and 44 months.
He said the contract was awarded to an Italian company, Tecnimont SPA, who, according to the minister, are experts in refinery maintenance.
Mr Sylva said the funding of the repairs will be from many components including the Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR), budgetary provisions and Afreximbank.
“The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of 1.5 billion, and that memo was $1.5 billion and it was approved by council today.
“So we are happy to announce that the rehabilitation of productivity 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 percent of its nameplate capacity.
More Stories
Naccima President Commends Hon. Minister of Justice for Strengthening Nigeria’s Legal System
Dangote Industries Limited Signs Strategic Cooperation Agreement with China National Building Materials Group
NACCIMA commends Nigerians over their resilence, PBAT on 64th anniversary