Refinery to commence operations in 18 months in Port Harcourt – Timipre Sylva

Refinery to commence operations in 18 months in Port Harcourt – Timipre Sylva

Timipre SylvaMinister of State for Petroleum in Nigeria last weekend gave assurance on the Port Harcourt Refinery being fully functional come the next 18 months.

The Minister in a statement made to the Channels Television crew in an interview said, in response to skeptism for the $1.5 billion funds approval required for the rehabilitation of said Refinery. many have indeed surmised that the amount is too much for the said project.

Despite this, the Sylva still insists the rehabilitation project is not in anyway a waste of funds.

In his word, he says;

“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 also objects to all the noise going around claiming thay the project could easily be completed with funds less than N500m and also explains how the project be funded.

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“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)... 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).”

The clock is ticking and Nigerians are going to be holding Sylva by his words in 18 months.

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