By Nneka Nwogwugwu
The Federal Executive Council has approved the rehabilitation of the Port Harcourt Refinery with $1.5bn.
The decision was taken at the weekly meeting of the council presided over by President Muhammadu Buhari on Wednesday.
The approval came after a plan was drafted out by the Ministry of Petroleum Resources.
The Minister of State for Petroleum Resources, Timipre Sylva, said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5 billion and it was approved by council today.
“So, we are happy to announce that 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 percent 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.”