On Wednesday, the Federal Executive Council approved $1.5bn for the rehabilitate of Port Harcourt Refinery as put forward by the Ministry of Petroleum Resource.
The weekly meeting which was presided over by the President Buhari, approved the decision after the council took a critical look into the proposal of the petroleum ministry.
This disclosure was made by the Minister of state for Petroleum Resources, Timipre Sylva, at the end of the Federal Executive meeting at the presidential Villa, in Abuja the Nation’s capital
In his statement “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.”