The Federal Executive Council has approved one Point Five Billion dollars for the rehabilitation of port Harcourt refinery in Rivers State.
The Minister of state for Petroleum Resources Timipre Sylva announced this while briefing Journalists after the council’s meeting presided over by President Muhammadu Buhari.
According to the minister, the fund for the rehabilitation would be raised from three sources – the Nigerian National Petroleum Corporation’s Internally Generated Revenue, budgetary allocation and Afreximbank.
The minister said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery in the sum of $1.5bn and it was approved by council and said 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.

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