The federal government has approved the sum of $1.484 billion for the rehabilitation of Warri and Kaduna refineries.
Minister of state petroleum resources, Timpriye Sylva disclosed this yesterday to State House correspondents after the federal executive council meeting presided over by vice president Yemi Osinbajo at the Presidential Villa.
According to him, $897,678,800 was approved for the Warri refinery and $586,902,256 for the Kaduna refinery.
He said “Council approved the award of contracts for the rehabilitation of Warri and Kaduna refineries to Messers Saipem SPA and Saipem Contracting Limited at the combined total sum of $1.484 billion, $897,678,800 Warri refineries, and $586,902,256 for Kaduna refineries.
“The Executive Council also approved the acquisition of 20% minority stakes by the NNPC in Dangote Petroleum and petrochemical refinery in the sum of $2.76 billion.
“The completion of the rehabilitation of Warri and Kaduna refineries is going to 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, the full rehabilitation will be completed.
The minister also said work has already commenced in the Port Harcourt refinery, adding that the first 15% of the contract sum has been paid to the contractor and the contract was fully mobilised to the site.
“We also discussed in council the need for us to give periodic updates. Soon, we’ll be going to inspect the work in Port Harcourt refinery, and you will all be with us on that visit, ” he stated.