By Ismaila Chafe
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved 1.5billion dollars for the rehabilitation of the Port Harcourt Refinery in Rivers State.
Minister of State for Petroleum Resources, Timipre Sylva, made this known when he briefed State House correspondents on the outcome of the Council meeting held at the Presidential Villa, Abuja.
According to him, the rehabilitation will be done in three phases of 18, 24 and 44 months.
The minister stated that the rehabilitation was in fulfilment of Federal Government’s desire to resuscitate the country’s refineries to reduce the cost of processing petroleum products as well as boost the economy.
He said: “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt Refinery for the sum of 1.5 billion dollars, and that memo was 1.5 billion dollars and it was approved by council today.
“So, we are happy to announce that the rehabilitation of…
Source: News Agency of Nigeria
