The Federal Executive Council ( FEC), on Wednesday approved 1.5 billion dollars for the rehabilitation of Port Harcourt refinery.
The 38th virtual meeting of FEC was presided over by President Muhammadu Buhari at the state house Abuja.
Briefing State House Correspondents after the meeting, Minister of State for Petroleum, Timipre Sylva, said the rehabilitation will be done in three phases of 18, 24 and 44 months.
He said the contract was awarded to an Italian company, Technimount SPA, who are experts in refinery maintenance.
He said the project will be funded by Nigerian National Petroleum Corporation’s Internally Generated Revenue, budgetary allocations and funds to be procured from Afrexim bank.
He gave the assurance that local content is fully involved in the job.