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The Federal Executive Council (FEC) has supported the securing of 20% minority stakes by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petro-Chemical Refinery.
The Minister of State for Petroleum Resources, Timipre Sylva, advised State House journalists after the virtual FEC meeting directed by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa.
Mr. Sylva said the obtaining was in the amount of $2.76 billion.
He said that the council additionally endorsed contracts for the restoration of Warri and Kaduna processing plants.
“The FEC, today, supported the honor of agreement for the recovery of Warri and Kaduna Refineries at the consolidated absolute amount of 1.5 billion dollars–897. 67 million dollars for Warri Refinery and 586. 9 million dollars for Kaduna Refinery.
“The Executive Council additionally endorsed the procurement of 20% minority stakes by the NNPC in the Dangote Petroleum and Petro-Chemical Refineries in the amount of 2.76 billion dollars.
“The consummation of the recovery of the Warri and Kaduna Refineries will be in three stages.
“The first stage is inside 21 months; in 23 months, stage 2 will be finished and in 33 months, the full restoration will be finished.
“Work has effectively started in Port Harcourt; effectively the initial 15% of the agreement total has been paid to the worker for hire and project worker has completely assembled to the site,” he said.
He said that the council additionally talked about the need to give intermittent updates on the ventures.
As per him, there will before long be an examination of work in the Port Harcourt Refinery