On Wednesday, August 4, the Federal Executive Council, headed over by Vice President Yemi Osinbajo approved a sum of $1.484 billion for the repair of both the Warri and Kaduna refineries.
The restoration of the Warri and Kaduna refineries, which was given to Messers Saipem SPA and Saipem Contracting Limited for a total of $1.484 billion, would be completed in three phases over the course of 21 months.
Timperley Sylva, the Minister of State for Petroleum Resources, revealed this to statehouse correspondents after a six-hour meeting that began with a minute of silence in honor of Dr. Malami Buwai, the former Minister of Agriculture who served under the former Head of State, General Sani Abacha, from 1994 to 1996.
According to Sylva, the construction firm now working on the site has been paid 15% of the total sum given earlier this year for the renovation of the two refineries in Port Harcourt. According to him, the Warri refinery will cost $897,678,800 to rehabilitate, while the Kaduna refinery will cost $586,902,256.
He emphasized that the rehabilitation exercise will be completed in three phases over a 77-month period.
The completion of the rehabilitation of Warri and Kaduna refineries is going to be in three phases. 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
The Minister stated that the repair work at the Port Harcourt refinery has begun, and that the contractor has already received the first 15% of the contract payment and has been completely mobilized to the site.
Source: Gossisps24.com
