▪︎Approves $1.4bn for rehabilitation
▪︎Also approved $2.6bn for NNPC to acquire minority stake in Dangote Refining and Petrochemical Company.
The Federal Executive Council has approved contracts for rehabilitation of Warri and Kaduna refineries at a cost of $1.4 billion.
While $897 million is earmarked for Warri Refining and Petrochemical Company Limited (WRPC), $568 million is for Kaduna Refining and Petrochemical Company Limited (KRPC).
The Minister of State for Petroleum, Timipre Sylva, revealed this to State House correspondents after the Federal Executive Council meeting held on Wednesday, and chaired by Vice President Yemi Osinbajo.
According to the minister, the rehabilitation of the refineries will be carried out in three phases.
The FEC also approved $2.76 billion for NNPC to acquire 20% minority stake in Dangote Petroleum and Petrochemical Company.
The rehabilitation is expected to turn around the refineries, meet the demand for refined petroleum products in Nigeria, as well as target international markets.
Success of the rehabilitation would also have positive impact on the market price of petroleum products; such as petrol, diesel, kerosene and cooking gas.
Recall that contact for rehabilitation of Port Harcourt Refining Company Limited (PHRC) was awarded in March, 2021at a cost of $1.5 billion.