The Federal Government, through the Federal Executive Council (FEC) has approved the rehabilitation of Warri and Kaduna refineries at a combined cost of $1.484 billion.
The FEC at its meeting on Wednesday chaired by Vice-President Yemi Osinbajo, also announced approval for the acquisition of 20% minority stakes by the Nigeria National Petroleum Corporation (NNPC) in Dangote Petroleum and petrochemical refinery at a sum of $2.76 billion.
Briefing journalists after the weekly FEC meeting, Minister of State Petroleum Resources Chief Timipre Sylva, said the rehabilitation would be carried out by Messers Saipem SPA and Saipem Contracting Limited and will be completed in three phases of 21, 23 and 33 months.
Breakdown of the rehabilitation shows Warri Refinery costing $897,678,800 and $586,902,256 respectively.
Sylva, also said 15 percent of the total sum for the rehabilitation of the two refineries in Port Harcourt, which was awarded earlier this year had been paid to the construction firm currently working at site.
“The completion of the rehabilitation of Warri and Kaduna refineries is going to be in three phases. 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”, he stated.
