The federal government has approved the total sum of $1.5 billion for rehabilitation of the Port Harcourt Refinery.

Timipre Sylva, Minister of State for Petroleum Resources, announced this after President Muhammadu Buhari presided over the Federal Executive Council, FEC, meeting at the Council Chamber, Presidential Villa, Abuja, on Thursday.

The rehabilitation, which will be done in three phases, will begin immediately, according to the minister, and will be managed by an Italian company, Tecnimont S.P.A.

He stated that the first phase would take 18 months to complete, the second phase would take 24 months, and the final phase would take 44 months.

He promised that the other three refineries would be operational before the end of Buhari’s presidency.

He said: “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5 billion, and that memo was $1.5 billion and it was approved by council today(Thursday).

“So we are happy to announce that the rehabilitation of productivity refinery will commence in three phases.

“The first phase is to be completed in 18 months, which will take the refinery to a production of 90% of its nameplate capacity.

“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved.

“And I believe that this is good news for Nigeria.”