The Nigerian National Petroleum Corporation (NNPC) and Tecnimont SpA, an Italian engineering company, on Tuesday, signed the engineering procurement and construction (EPC) contract for the rehabilitation of the Port Harcourt refinery in Rivers state.
Ahmed Dikko, managing director of Port Harcourt refinery company (PHRC), signed for the refinery, while Davide Pellizola, signed for the Tecnimont SpA, contractor for the project.
Recall that In March, the Federal Executive Council (FEC) had approved the sum of $1.5 billion for the rehabilitation of the refinery.
Timipre Sylva, minister of state for petroleum, said the rehabilitation will be done in three phases of 18, 24 and 44 months.
Sylva noted that the funding has three components from Nigerian National Petroleum Corporation (NNPC) internally generated revenue (IGR), Afreximbank and budgetary provisions.
Mele Kyari, group managing director of Nigerian National Petroleum Corporation (NNPC), had also assured that the refinery will begin production in 18 months.