The Nigerian National Petroleum Corporation has announced the readiness of contractors to commence full mobilization to site for the rehabilitation of the Port Harcourt Refinery.
Recall, the Federal Executive Council had approved $1.5bn (approximately N575bn) for the rehabilitation of the refinery.
Project funding, according to the government, will be sourced from the Nigerian National Petroleum Corporation, Internally Generated Revenue, budgetary allocations provisions and the African Export-Import Bank.
The contract for the project which was awarded to Italian engineering firm Tecnimont SPA, is expected to be executed within a period of 28, 24 and 44 months, respectively.
The Port Harcourt refinery began operations in 1989 and is considered the largest refining company in the country, initially producing 150,000 barrels per day.
This was later raised to 210,000 barrels per day.
The NNPC, via its Twitter handle on Thursday said the commencement of site handover, introduction of technical teams and full mobilization to site would take effect Thursday, May 6, 2021.
According to the Corporation, the technical team is also expected to begin various meetings relevant to the rehabilitation of the project.
“Revamp of the nation’s refineries promised Nigerians by President Buhari is surely on course.
“Today’s significant event will mark the commencement of site handover, introduction of technical teams and full mobilization to site,” it stated.