{"id":18172,"date":"2021-04-06T15:32:46","date_gmt":"2021-04-06T14:32:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=18172"},"modified":"2021-04-06T15:32:46","modified_gmt":"2021-04-06T14:32:46","slug":"nnpc-signs-port-harcourt-refinery-1-5bn-rehabilitation-contract","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/06\/nnpc-signs-port-harcourt-refinery-1-5bn-rehabilitation-contract\/","title":{"rendered":"NNPC signs Port Harcourt refinery $1.5bn rehabilitation contract"},"content":{"rendered":"<p>The Nigerian National Petroleum Corporation has signed a rehabilitation contract with an international company, Maire Tecnimont SpA, for the Port Harcourt Refinery Company (PHRC).<\/p>\n<p>\u201cMr President promised Nigerians he will fix the refineries,\u201d <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/27\/nnpc-no-increase-in-price-of-petrol-until-talks-with-labor-is-concluded\/\" target=\"_blank\" rel=\"noopener\">NNPC<\/a> boss Mallam Mele Kyari said during the contract signing ceremony on Tuesday.<\/p>\n<p>\u201cWe are happy to deliver on this Presidential mandate. We\u2019ll continue this process to also deliver on both Warri and Kaduna Refineries,\u201d he said.<\/p>\n<p>The signing is coming few weeks after the Federal Executive Council approved the sum of $1.5 billion for the project.<\/p>\n<p>However, the move was rejected by many experts and a former Vice President of Nigeria, Atiku Abubakar who said the company should be sold off.<\/p>\n<p>Petroleum Minister Timipre Sylva in March said the project will be completed in three phases, the first within 18 months taking the refinery to 90% production capacity, with the second and final phases carried out within 24 months and 44 months respectively, Sylva told reporters in Abuja.<\/p>\n<p>\u201cThe Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery \u2026 and \u2026 it was approved by council today,\u201d the minister said.<\/p>\n<p>Slyva said funding will come from the state-oil company\u2019s cash flow, budget provisions and Afreximbank.<\/p>\n<p>Nigeria has four refineries with a combined capacity of 445,000 barrels per day (bpd): one in the north at Kaduna and three in the oil-rich Niger delta region at Warri and Port Harcourt. The Port Harcourt complex consists of two plants with a combined capacity of 210,000 bpd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian National Petroleum Corporation has signed a rehabilitation contract with an international company, Maire Tecnimont SpA, for the Port Harcourt Refinery Company (PHRC). \u201cMr President promised Nigerians he will fix the refineries,\u201d NNPC boss Mallam Mele Kyari said during the contract signing ceremony on Tuesday. \u201cWe are happy to deliver on this Presidential mandate. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[2133,1193,1567,2982],"class_list":["post-18172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-federal-government","tag-nnpc","tag-oil-production","tag-port-harcourt-refinery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NNPC signs Port Harcourt refinery $1.5bn rehabilitation contract<\/title>\n<meta name=\"description\" content=\"The Nigerian National Petroleum Corporation has signed a rehabilitation contract with an international 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