FEC Approves $1.4 billion For Rehabilitation Of Warri, Kaduna Refineries
The Federal Executive Council has on Wednesday approved the contract for the rehabilitation of Warri and Kaduna refineries for $1.4 billion.
Newsmen learnt $897 million is earmarked for the Warri refinery while $586 million is for the Kaduna refinery.
The rehabilitation is expected to turn around the refineries and set them up to meet national oil demands.
Mele Kyari, Group Managing Director of Nigeria National Petroleum Corporation, had earlier in June said the rehabilitation of the refineries, in conjunction with private efforts such as the Dangote Refinery, will transform Nigeria into a “hub of petroleum products and supply”.
“It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction,” he said.
Mr Kyari noted that with the rehabilitation of the refineries, Nigeria will be the supplier for West Africa legitimately and also many other parts of the world.
“It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction,” he said.
In May, 2021, multiple media reports say NNPC has commenced rehabilitation of the Port Harcourt refinery.
Similarly, FEC in March approved $1.5 billion for the rehabilitation of Port Harcourt refinery—a meeting presided in Abuja by President Muhammadu Buhari.
Timipre Sylva, minister of state for petroleum, told reporters at the 38 virtual FEC meeting that the rehabilitation will be done in three phases of 18, 24, and 44 months.
