The Federal Executive Council (FEC) on Wednesday approved contracts worth $1.4 billion for the rehabilitation of the Warri and Kaduna refineries.
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House correspondents at the end of the FEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
READ ALSO: FG may sell Warri, Kaduna refineries
He said the Warri refinery would receive $897 million, while $586 million has been earmarked for the rehabilitation of the Kaduna refinery.
Nigeria has four refineries with two located in Port Harcourt.
Sylva said: “The 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. The sum of $897,678,800 was approved for Warri refineries and $586,902,256 for Kaduna refineries.
“The Executive Council also approved the acquisition of 20 percent 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 while phase two will take 23 months. The full rehabilitation will be completed in 33 months.”
“Work has already commenced on the Port Harcourt refinery. Already the first 15 percent of the contract sum has been paid to the contractor and the contractor was fully mobilised to the site.
“We also discussed in the council the need for us to give periodic updates. We will be going to inspect the work on the Port Harcourt refinery soon.”
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...