The Federal Executive Council has approved $2.76bn for the acquisition of 20 per cent minority stakes by the Nigeria National Petroleum Corporation (NNPC) in Dangote Petroleum and Petrochemical Refinery.
Minister of State for Petroleum, Timipre Sylva, disclosed this yesterday after the weekly Federal Executive Council (FEC) meeting chaired by Vice- President Yemi Osinbajo at the Presidential Villa. According to Sylva, FEC also said the meeting approved $1.48 billion for the rehabilitation of Warri and Kaduna refineries.
According to the minister, the rehabilitation will be carried out by Messers Saipem SPA and Saipem Contracting Limited and will be completed in three phases of 21, 23 and 33 months. Sylva also said 15 per cent of the total sum for the rehabilitation of the two refineries in Port Harcourt awarded earlier this year had been paid to the construction firm awarded the job.
The former Bayelsa State governor said: “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.
“We also discussed in council the need for us to give periodic updates. Soon, we’ll be going to inspect the work on the Port Harcourt refinery, and you will all be with us on that visit.”
