The Federal Government has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers state.
Minister of State for Petroleum, Timipre Sylva said the decision was reached during the Federal Executive Council meeting, today.
The virtual FEC meeting was presided over by President Muhammadu Buhari in Abuja.
Sylva said the contract which will be done in three phases was awarded to an Italian company, Technimount SPA.
“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,” he said.
“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,” Sylva added.
