The Federal Executive Council, on Wednesday, approved $1.5 billion for the rehabilitation of the Port Harcourt refinery.
According to the Minister of State for Petroleum Resources, Timipre Sylva, who briefed State House Correspondents after the meeting, the rehabilitation will commence immediately and will be done in three phases.
The council approved the an Italian E and EPC company to carry out the rehabilitation project.
The minister explained that the first phase will be completed in 18 months which takes the refinery to a production of 90 percent of its capacity, the second phase will be completed in 24months, while the final phase will be completed in 44months.
He also mentioned that the maintenance which is a recurring challenge for the nation’s refineries was elaborately discussed in council.
According to him a professional will be employed to manage the refinery after the rehabilitation.
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