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FG approves $1.5b for Kaduna, Warri refineries, rehabilitation

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FEDERAL Government has approved the sum of $1.484 billion for rehabilitation of Warri and Kaduna refineries.

  Federal Executive Council (FEC) made the approval during its weekly meeting presided over by Vice President Yemi Osinbajo in Presidential Villa, Abuja, yesterday.

  Minister of State for Petroleum Resources, Timipre Sylva, disclosed this while briefing State House reporters on the outcome of the federal Executive meeting.

  According to him, the Warri refinery rehabilitation got $897,678,800, while   Kaduna Refinery would cost $586,902,256.

Sylva said the completion of the rehabilitation of Warri and Kaduna refineries would be in three phases.

  It will be recalled that FEC had on March 17 this year approved the sum of $1.5 billion for the rehabilitation of the largest refining company in the country, Port Harcourt Refinery, to an Italian company, Tecnimont spa with three funding components from Nigerian National Petroleum Corporation (NNPC) Internally Generated Revenue (IGR), budgetary allocations provisions and Afreximbank.

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