Port Harcourt Refinery Will Work Within Next 18-Months – Timipre Sylva

Timipre Sylva Blames Hike Fuel Price On COVID-19 Vaccine
The Minister of State for Petroleum, Timipre Sylva reacts to the public backlash about the recent Federal Governments plan to invest $1.5billion to rehabilitate the Port-Harcourt Refinery, saying Nigerians like to bandy figures while assuring that the money to be used to rehabilitate the refinery isn’t all going to be borrowed and the project will be done within the next 18-months. Timipre Sylva MinisterThe Minister of State for Petroleum dismissed the idea that the rehabilitation exercise is just a waste of funds while adding that along with the Port Harcourt Refinery the Warri and Kaduna Refinery will also be fixed. And a large portion of the funds used to carry out the project will be funded by the internally generated revenue of the NNPC and by Federal Appropriation. Timipre Sylva Blames Hike Fuel Price On COVID-19 Vaccine

Timipre Sylva said;

“Port Harcourt Refinery will work, and certainly within the next 18 months.
“There are plans to also fix the Warri Refinery and Kaduna Refinery and then we would get all those staff to work.”

Sylva debunked insinuations that the rehabilitation could have taken less than N500m, while also listing how the project will be funded.
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Timipre Sylva added;

“You see, Nigerians like to bandy figures. I can tell you, that that cannot be true. We are talking with the professionals.
“Let me tell you how this rehabilitation is going to be funded; it is not going to be all debts, we are not going to borrow all the monies that are going into the rehabilitation (project),” he added.
“Some of the money will come from NNPC’s internally generated revenue – from NPDC, some of it will come from the Federal appropriation, and just a little fraction will come from the African Export-Import Bank (Afreximbank).”

Photo Credit: Getty

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