{"id":39264,"date":"2021-03-17T18:30:33","date_gmt":"2021-03-17T18:30:33","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=39264"},"modified":"2021-03-17T17:24:47","modified_gmt":"2021-03-17T17:24:47","slug":"fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery","title":{"rendered":"FEC approves $1.5bn for rehabilitation of Port Harcourt refinery"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcourt Refinery in Rivers State.<\/p>\n

Minister of State for Petroleum Resources, Timipre Sylva, disclosed this while briefing State House correspondents on the outcome of the Council meeting held at the Presidential Villa, Abuja.<\/p>\n

He said the rehabilitation will be done in three phases of 18, 24 and 44 months.<\/p>\n

According to him, the approval was in fulfilment of the Federal Government\u2019s desire to resuscitate Nigeria\u2019s refineries to reduce the cost of processing petroleum products as well as boost the economy.<\/p>\n

He said: \u201cThe Ministry of Petroleum is happy to announce that the rehabilitation of Port Harcourt refinery will commence forthwith. It is in three phases.<\/p>\n

\u201cThe first phase will be completed in 18 months, which will take the refinery to a production of 90 per cent of its nameplate capacity.<\/p>\n

\u201cThe second phase in 24 months and all the final stages will be completed in 44 months and consultations are approved.<\/p>\n

The minister noted that this is good news for Nigerians, adding that an Italian company would undertake the repairs and a maintenance company would also be put in place, to ensure effective maintenance culture.<\/p>\n

\u201cThe contractor that was approved by council today is Tecnimont, SPA of Italy.<\/p>\n

The minister stated that the needed fund for the rehabilitation work will be shouldered by the federal government, Nigeria National Petroleum Corporation (NNPC) and Africa Export-Import Bank AFREXIM.<\/p>\n

The minister also assured Nigerian that rehabilitation works on Kaduna and Warri refineries would also be carried out on or before May 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcourt Refinery in Rivers State. Minister of State for Petroleum Resources, Timipre Sylva, disclosed this while briefing State House correspondents on the outcome of the Council meeting held at the Presidential Villa, Abuja. He said […]<\/p>\n","protected":false},"author":84,"featured_media":39263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,254,3352],"class_list":["post-39264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria","tag-port-harcourt"],"yoast_head":"\nFEC approves $1.5bn for rehabilitation of Port Harcourt refinery - Nigeria<\/title>\n<meta name=\"description\" content=\"The Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcour ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEC approves $1.5bn for rehabilitation of Port Harcourt refinery\" \/>\n<meta property=\"og:description\" content=\"The Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcour ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-17T18:30:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/03\/img-60523b3fb4c27.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1370\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FEC approves $1.5bn for rehabilitation of Port Harcourt refinery\",\"datePublished\":\"2021-03-17T18:30:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\"},\"wordCount\":271,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/03\/img-60523b3fb4c27.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\",\"Port Harcourt\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fec-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery\",\"name\":\"FEC approves $1.5bn for rehabilitation of Port Harcourt refinery - 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