The Federal Executive Council has approved the Ministry of Petroleum Resources plan to improve the Port Harcourt Refinery with the sum of $1.5bn.
The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).
FEC took the decision on Wednesday during its weekly meeting presided by President Muhammadu Buhari.
“So, we are happy to announce that the rehabilitation of the refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.
“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved.
“And I believe that this is good news for Nigeria.”
