May 24, 2024

Century News Update

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Federal Government approves $1.5bn for the rehabilitation of Port Harcourt Refinery

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Approval of $11. 5bn on Wednesday approved by the Federal Executive Council on rehabilitation of Port Harcourt Refinery.

The decision was taken at their weekly executive meeting, and was presided over by the President, Muhammadu Buhari.

The Minister for Petroleum Resources, Timipre Sylva, at the end of the meeting in the State House, disclosed this to the Journalist.

He said the Ministry for Petroleum Resources presented the bill of $1.5bn to the council, for the rehabilitation, and the bill was approved.

The Minister said ” we are happy to announce to you that the rehabilitation of the Refinery will commence in three phases, first face will be completed in 18 months, which will take the Refinery to a production level of about 90% of the nameplate capacity”.

Meanwhile, the second phase is to be completed in 24 months, and all the final state, will be completed in 44 months. And consultations are also approved.

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