The Federal Executive Council (FEC) presided over by Vice President, Yemi Osinbajo on Wednesday, August 4, has approved the sum of $1.484 billion for the rehabilitation of both Warri and Kaduna refineries.
The rehabilitation of Warri and Kaduna refineries awarded to Messers Saipem SPA and Saipem Contracting Limited
at the combined total sum of $1.484 billion, will be carried out in three phases of 21, 23, and 33 months.
However, The Minister of State for Petroleum Resources, Timperley Sylva, disclosed this to
state house correspondents after
the six hours FEC meeting which started with a minute silence in honor of the former Minister of Agriculture,
Dr. Malami Buwai, who served during the regime of the former Head of State, General Sani Abacha
from 1994 – 1996.
Furthermore on the FEC Meeting
According to Sylva, the payment of 15 percent of the total sum for the rehabilitation of the two
refineries in Port Harcourt whose
award was earlier this year is full to the construction firm currently working at the site.
According to him, $897,678,800 will be spent to repair the Warri refinery while the Kaduna refinery
will gulp $586,902,256.
He also stressed that the completion of the rehabilitation exercise will be in
three phases spread over 77 month period.
“The completion of the rehabilitation of Warri and Kaduna refineries is going to be in three phases. The 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”.he said
Finally, The Minister noted that the repair works at the Port Harcourt refinery
have commenced and that already
the payment of the first 15% of the contract sum is full to the contractor and
the mobilization of the contractor to the site is full too.
By Taiyelolu A