The Federal Executive Council (FEC) has approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt Refinery. The rehabilitation work is expected to commence immediately.
Briefing newsmen on Wednesday, March 17, after the FEC meeting in Abuja, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the rehabilitation will be carried out in three phases.
The first phase will be completed in 18 months, which will take the refinery to the 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 to handle the project is Tecnimont SPA, an Italian company.
Sylva assured that the maintenance, which is a recurring challenge for the nation’s refinery, was elaborately discussed in council, adding that a professional will be employed to manage the refinery on completion of the rehabilitation work.