BREAKING NEWS: EFC authorized U.S.$1.5bn for Port Harcourt refinery
The Federal Executive Council on Wednesday authorized U.S.$1.5bn for the Ministry of Petroleum Resources to rejuvenate the Port Harcourt Refinery.
The Minister of State for Petroleum Resources, Timipre Sylva, revealed this to State House correspondents on the quit of the weekly assembly on the Presidential Villa, Abuja.
According to the minister, the rejuvenation will start in 3 phases.
He stated, "The Ministry of Petroleum Resources offered a memo at the rejuvenation of Port Harcourt refinery for the total sum of U.S.$1.5bn, and that memo became U.S.$1.5 billion and it became accepted by council today."
"So, we're glad to announce that the rejuvenation of the refinery will start in 3 phases.
"The 1st phase is to be finished in 18 months, so that it will take the refinery to a production of ninety percentage of its nameplate capacity.
"The 2nd phase is to be finished in 24 months and all of the last phase will be finished in forty four months and consultations are authorised.
"And I accept that this is good announcement for Nigeria."