FG To Forge Ahead With $1.5bn Refinery Rehabilitation Despite Backlash

FG To Forge Ahead With $1.5bn Refinery Rehabilitation Despite BacklashThe Federal Government is set to continue its plan to spend $1.5 billion on the rehabilitation efforts of the Port Harcourt refinery despite calls to halt the move.

Officials of both the Nigerian Nigerian Petroleum Corporation and the Federal Ministry of Petroleum Resources, on Friday, said the government still intends to fix the refinery.

The rehabilitation proposed by the Federal Ministry of Petroleum Resources, was approved by the Federal Executive Council on Wednesday.

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According to Minister of State for Petroleum Resources, Timipre Sylva, the rehabilitation would happen in three phases.

Many have criticised the move to spend heavily on the refinery which has remained unprofitable for a while, despite the country suffering inflation and unemployment.

Meanwhile, the NNPC has defended its decision to rehabilitate the refinery, arguing that the country needs to monetise it’s hydrocarbon resource for wealth creation.

Group Managing Director, NNOC, Mele Kyari, said the country needs to refine crude oil domestically as petrol and Diesel-powered engines would be around for a while to sustain the market for petrol.

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