Federal Executive Council (FEC) meeting in Abuja on Wednesday approved $2.75 billion for the Nigerian National Petroleum Corporation (NNPC) to buy a 20 per cent stake in the Dangote Petroleum and Petro-Chemical Refinery.
This means the refinery has been valued at $13.75 billion.
Timipre Sylva, minister of State for Petroleum Resources, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa.
Sylva said the acquisition was in the sum of $2.76 billion
He said that council also approved contracts for the rehabilitation of Warri and Kaduna refineries.
“The FEC, today, approved the award of contract for the rehabilitation of Warri and Kaduna Refineries at the combined total sum of $1.5 billion.
Warri Refinery will gulp $897.67 million and Kaduna $586.9 million.
“The completion of the rehabilitation of the Warri and Kaduna Refineries is going to be in three phases.
“The first phase is within 21 months; in 23 months, phase 2 will be completed and in 33 months, the full rehabilitation will be completed.
“Work has already commenced in Port Harcourt; already the first 15 per cent of the contract sum has been paid to the contractor and contractor has fully mobilized to site,’’ he said.
He said that the council also discussed the need to give periodic updates on the projects.
According to him, there will soon be an inspection of work in the Port Harcourt Refinery.