TThe Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.
The minister said, “The Ministry of Petroleum Resources supplied a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo became $1.5 billion and it changed into approved by council nowadays.
“So, we're glad to announce that the rehabilitation of the refinery will begin in 3 phases. The first segment is to be completed in 18 months, in an effort to take the refinery to a manufacturing of ninety percent of its nameplate capability.
“The 2nd segment is to be finished in 24 months and all of the final degree could be completed in forty four months and consultations are approved.
“And I accept as true with that this is good information for Nigeria.”
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