The Nigerian National Petroleum Company Limited (NNPC) has said it spent N100bn rehabilitating refineries in 2021.
A report on the funding performance of the oil firm from January to December 2021, seen in Abuja on Sunday, said that funds were released monthly into revamping the facilities, Punch reports.
The country’s refineries had been under the management of NNPC, including the Kaduna Refining and Petrochemical Company, the Warri Refining and Petrochemical Company and the Port Harcourt Refining Company, which is currently under repair.
The NNPC’s latest funding performance report stated that N8.33bn was spent monthly on refinery rehabilitation from January to December 2021.
The Federal Government in 2021 unbundled moves to revive the country’s refineries as Nigeria currently imports the bulk of its refined petroleum products.
In August 2021, the Federal Executive Council approved the sum of $1.48bn to rehabilitate both Warri and Kaduna refineries.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, had announced this at the end of one of the weekly FEC meetings held in Abuja, where he said that the rehabilitation of Warri and Kaduna refineries would be awarded to Messers Saipem SPA and Saipem Contracting Limited at the combined total sum of $1.484bn and would be rehabilitated in three phases of 21, 23 and 33 months.
