NNPC signs contract for $1.5bn Port Harcourt refinery rehabilitation

The Nigerian National Petroleum Corporation (NNPC) has signed a contract with an international company, Maire Tecnimont SpA, for the rehabilitation of the Port Harcourt Refinery Company (PHRC).

Recall that the Federal Executive Council (FEC) recently approved the sum of $1.5 billion for the project.

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However, the move was rejected by many experts and a former Vice President of Nigeria, Atiku Abubakar who said the company should be sold off.

Speaking during the Engineering, Procurement and Construction (EPC) contract signing ceremony on Tuesday, the Group Managing Director of NNPC, Mallam Mele Kyari, said: “Mr President promised Nigerians he will fix the refineries.

“We are happy to deliver on this Presidential mandate. We’ll continue this process to also deliver on both Warri and Kaduna Refineries.”

The Managing Director of PHRC, Engr Ahmed Dikko, signed the contract paper for his company while The Vice President, Sub-Saharan Africa, Mr Davide Pellizola, signed on behalf of Maire Techimont SpA.

Details shortly.