Federal Government Council (FEC) assembly in Abuja on Wednesday accepted $2.75 billion for the Nigerian Nationwide Petroleum Company (NNPC) to purchase a 20 per cent stake within the Dangote Petroleum and Petro-Chemical Refinery.
This implies the refinery has been valued at $13.75 billion.
Timipre Sylva, minister of State for Petroleum Assets, briefed State Home correspondents after the digital FEC assembly presided over by Vice President Yemi Osinbajo on Wednesday on the Presidential Villa.
Sylva stated the acquisition was within the sum of $2.76 billion
He stated that council additionally accepted contracts for the rehabilitation of Warri and Kaduna refineries.
“The FEC, right now, accepted the award of contract for the rehabilitation of Warri and Kaduna Refineries on the mixed whole sum of $1.5 billion.
Warri Refinery will gulp $897.67 million and Kaduna $586.9 million.
“The completion of the rehabilitation of the Warri and Kaduna Refineries goes to be in three phases.
“The primary part is inside 21 months; in 23 months, part 2 will probably be accomplished and in 33 months, the total rehabilitation will probably be accomplished.
“Work has already commenced in Port Harcourt; already the primary 15 per cent of the contract sum has been paid to the contractor and contractor has totally mobilized to web site,’’ he stated.
He stated that the council additionally mentioned the necessity to give periodic updates on the initiatives.
In keeping with him, there’ll quickly be an inspection of labor within the Port Harcourt Refinery.