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FG Approves $1.4bn For Rehabilitation Of Warri, Kaduna Refineries
- According to Sylva, the rehabilitation of the refineries will be carried out in three phases.
The Federal Government has approved contracts for the rehabilitation of Warri and Kaduna refineries to the tune of $1.4 billion.
The breakdown shows that $897 million is earmarked for the Warri refinery and $586 million for Kaduna refinery, the Minister of State for Petroleum, Timipre Sylva, told reporters after the Federal Executive Council meeting chaired by Vice President Yemi Osinbajo on Wednesday.
According to Sylva, the rehabilitation of the refineries will be carried out in three phases.
Read also: Atiku Renews Call For Privatisation Of NNPC, Refineries
The FEC also approved the $2.76 billion acquisition of 20 percent minority stake by the NNPC in Dangote Petroleum and Petrochemical Refinery.
Nigeria has four refineries – including two in Port Harcourt – but all have struggled to function optimally as the country continues to import petroleum products.
The rehabilitation is expected to turn around the refineries and set them up to meet national oil demands.
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