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Monday, March 22, 2021
Nigeria’s Federal Executive Council (FEC) has approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt Refinery in Rivers State. The rehabilitation project was awarded to Tecnimont SPA, an Italian company, and will be implemented in three phases of 18, 24 and 44 months.
The Port Harcourt rehab is being looked upon with skepticism by many Nigerians as the government has endeavored to rehabilitate its refineries numerous times over the past two decades without much success. The Minister of State for Petroleum Resources, Timipre Sylva, has put his stamp of approval on the project and has told the public to hold him responsible for every dollar spent on the Port Harcourt refinery rehab project.
This new project announcement comes while Dangote is nearing completion of its near $15-billion refinery in Lagos that will have the capacity to refine 650,000 barrels per day.
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