The Federal Executive Council (FEC) has approved the sum of $1.5 billion for the immediate rehabilitation of the largest refining firm in the country, the Port Harcourt refinery.
This follows a memo by the Minister of State for Petroleum Resources, Timipre Sylva, on its rehabilitation, which was presented to the council and its subsequent approval today, March 17, 2021.
According to a tweet post by Bashir Ahmad, the Personal Assistant to the President on New Media, on his official Twitter handle, this disclosure was made by Sylva, while briefing State House Correspondents, after the FEC meeting on Wednesday, March 17, 2021.
The Minister said that the rehabilitation of the refinery which was awarded to an Italian company, Tecnimont SPA, will be done in 3 phases of 18, 24 and 44 months.
Bashir Ahmad in his tweet post said, ‘’The Federal Executive Council (FEC) approves the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery. The rehabilitation which was awarded to Tecnimont SPA, an Italian company will be done in three phases of 18, 24 and 44 months, Honourable Minister of State for Petroleum Resources, Sylva has disclosed.’’
Sylva said, ‘’The first phase will be completed in 18 months which takes the refinery to a production of 90 percent of its capacity, the second phase will be completed in 24months, while the final phase will be completed in 44months. The contractor approved by the council is an Italian E and EPC company who won the bid to handle the rehabilitation project.’’
Sylva assured that the maintenance which is a recurring challenge for the nation’s refineries was elaborately discussed in council, adding that a professional will be employed to manage the refinery after the rehabilitation.