Nigeria’s Federal Executive Council has approved $1.5 billion (approximately N575 billion) for the rehabilitation of the Port Harcourt refinery, with funding derived from Nigerian National Petroleum Corporation, Internally Generated Revenue, budgetary allocations provisions and the African Export-Import Bank.
According to an announcement by H.E. Chief Timipre Sylva, Minister of State for Petroleum Resources, the contract for the project has been awarded to Italian engineering firm Tecnimont SPA. The first, second and third phases of construction are expected to be completed within a period of 28, 24 and 44 months, respectively.
The Port Harcourt refinery began operations in 1989 and is considered the largest refining company in the country, initially producing 150,000 barrels per day (bpd) and later increasing this figure to 210,000 bpd.
The Minister also noted that the Federal Government would see to the rehabilitation of the Warri and Kaduna refineries before the end of the current administration.
“Discussions are ongoing,” said H.E. Minister Sylva. “We want to take one at a time and I want to assure you that before the lifetime of this administration expires, work on all the refineries would have at least commenced.”