The Minister of State for Petroleum,, TimipreSylva, has assured that the approval of 1.5 billion dollars for the rehabilitation of the Port Harcourt Refinery would not be a waste of time
Recall that the Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcourt Refinery.
Reacting to the backlash that greeted the move, Sylva in an interview on Channels Television, w insisted that the rehabilitation exercise is not a waste as held by many.
Acccording to him, plans are underway to also fix the Warri and the Kaduna refineries.
He added that the Port Harcourt refinery will be functional in 18 months.
“Port Harcourt Refinery will work, and certainly within the next 18 months.
“There are plans to also fix the Warri refinery and Kaduna refinery, and then we would get all those staff to work.
“I will like to note that this rehabilitation is going to be funded, and it is not going to be all debts.
“We are not planning to borrow all the monies that are going into the rehabilitation project.
“Some of the money will come from NNPC’s Internally Generated Revenue from NPDC, while some of it will come from the Federal appropriation, and then a little fraction from the African Export-Import Bank,” he said.
