The Federal Government has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery, which is the largest refining company in the country.
Disclosing this at the end of the Federal Executive Council, FEC, yesterday, the Minister of State for Petroleum Resources, Timipre Sylva, said that the rehabilitation which would be in three phases. would commence immediately and would be handled by an Italian firm, Tecnimont SPA.
He explained that the first phase would be completed in 18 months, the second phase in 24 months and the final phase would be within 44 months.
He said the funding has three components from Nigerian National Petroleum Corporation, NNPC, Internally Generated Revenue, IGR, budgetary allocations provisions and Afreximbank.