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The Federal Executive Council on Wednesday approved $1.48bn for the rehabilitation of two refineries in Warri and Kaduna.
Sylva who said that the projects would run in three phases of 21, 23 and 33 months, also revealed that 15 per cent of the project sum for the rehabilitation of the two refineries in Port Harcourt had been disbursed to the contractor. Sylva also announced that the council had okayed the acquisition of 20 per cent minority stake by the NNPC in The Dangote Petroleum Refinery in the tune of $2.76bn.
“Actually, what was approved there today was funding to ensure that work starts immediately on those two routes. Another memo that was approved today was the ratification of the President’s approval for the award of the contract for the Lagos-Calabar coastal standard gauge rail. He said the proposed route alignment would run from Lagos to Shagamu, Shagamu to Ijebu-Ode, Ijebu-Ode to Ore, Ore to Benin City, Benin to Sapele, Sapele to Warri, Warri to Yenagoa, Yenagoa to Port Harcourt, Port Harcourt to Aba, Aba to Uyo, Uyo to Calabar, Calabar to Akamkpa to Ikom, to Obudu Ranch; with a branch line from Benin City to Asaba, Onitsha Bridge and then Port Harcourt to Onne Deep Seaport.“This particular project is very important, especially for our coastal economy.
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