The Federal Executive Council (FEC) has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt refinery in Rivers state.
The approval was announced on Wednesday, at the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
Speaking with state house correspondents, Timipre Sylva, minister of state for petroleum, said the rehabilitation will be done in three phases of 18, 24 and 44 months.
He said the contract was awarded to Tecnimont SPA, an Italian company.
Sylva said the funding has three components from Nigerian National Petroleum Corporation (NNPC) internally generated revenue (IGR), Afreximbank and budgetary provisions.
He said 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.
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