Nigeria’s cabinet has approved $1.5 billion of spending on the modernisation of the Port Harcourt oil refinery and awarded a contract to Italy’s Tecnimont, Petroleum Minister Timipre Sylva said on Wednesday.
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.
Africa’s top oil exporter has made producing its own fuels a priority for years but efforts to revamp its refineries have failed, leaving it almost entirely reliant on imports…
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