Federal Executive Council has on Wednesday approved plan by Ministry of Petroleum Resources to rehabilitate Port Harcourt Refinery with $1.5bn.
Minister of State for Petroleum Resources, Timipre Sylva, stated this while briefing newsmen at the end of Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, on Thursday.
The minister said that the rehabilitation, which would be in three phases, will commence immediately and to be handled by an Italian firm, Tecnimont S.P.A.
Sylva explained that the first phase would be completed in 18 months, the second phase in 24 months and the final phase would be within 44 months.
He assured that the other three refineries will be put in place before the end of the Buhari-led administration.
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(Thursday).
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% 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 and consultations are approved. And I believe that this is good news for Nigeria.
Search The Poise
Promote Your Music
Recent Posts On The Poise
- Watch Wizkid And Tems in “Essense” Visuals
- Peruzzi has finally released his highly anticipated second studio album tagged, “Rum & Boogie.”
- Arsenal 1-1 Slavia Prague: Late Holes leveller leaves Gunners with work to do
- Granada 0-2 Manchester United: Rashford and Fernandes give Red Devils edge in Europa League tie
- Bayern Munich 2-3 Paris Saint-Germain: Mbappe double stuns holders
- Porto 0-2 Chelsea: Blues put one foot in semi-finals thanks to Mount and Chilwell
- Mavin Records and Jonzing World premieres the official music video to Rema‘s latest smash hit single “Bounce“.
- Ondo State Born Ayodeji Nelson Daodu awarded at the Erasmus university
- Real Madrid 3-1 Liverpool: Vinicius pounces on defensive lapses as Los Blancos take first-leg lead
- Manchester City 2-1 Borussia Dortmund: Foden edges Guardiola’s men ahead in breathless finale
Top Posts & Pages
Entertainment News3 years ago
Justin Bieber & Selena Gomez Have Started Hanging Out Again
News4 months ago
Buhari Reportedly plots retirement of southern Police AIG to clear paths for another IG from northern region
Articles4 years ago
Marcus Rashford’s Girlfriend Lucia Loi
Photos3 years ago
Leroy Sane’s Girlfriend Candice Brook
Celebrities3 years ago
David Beckham Allegedly Got His Daughter’s Teacher Pregnant
News2 years ago
Nigeria Gets Fresh $200m Loan To Finance Electricity Projects
Entertainment News4 years ago
Top 10 Sexiest Young Female Celebrities in The World
Celebrities3 years ago
Jesse Lingard Breaks Up With Girlfriend Jena Frumes