Federal Executive Council (FEC) has approved the award of contracts for rehabilitation of Warri and Kaduna refineries at the sum of $1.484 billion.
The Minister of State, Petroleum Resources, Timipre Sylva, stated this on Wednesday, while briefing State House reporters on the outcome of the meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
According to him, the Warri refinery rehabilitation got $897,678,800, while Kaduna Refinery would cost $586,902,256.
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Timipre Sylva said the completion of the rehabilitation of Warri and Kaduna refineries would be in three phases.
“The first phase will be completed within 21 months. In 23 months, phase two will be completed and in 33 months, while full rehabilitation will be completed,” he added.
The minister, while giving an update on the Port Harcourt Refinery, said: “Work has already commenced. Already, the first 15% of the contract sum has been paid to the contractor and the contractor was fully mobilised to the site.
He also disclosed that FEC approved the acquisition of 20% minority stakes by the NNPC in Dangote Petroleum and Petrochemical Refinery in the sum of $2.76 billion.