The Federal Executive Council has approved contracts for the rehabilitation of Warri and Kaduna refineries at a cost of $1.4 billion.
The breakdown shows that $897 million is earmarked for the Warri refinery and $586 million for Kaduna refinery. Minister of State for Petroleum, Timipre Sylva disclosed this to State House correspondents after the Federal Executive Council meeting chaired by Vice President Yemi Osinbajo on Wednesday.
According to Sylva, the rehabilitation of the refineries will be carried out in three phases.
The Federal Executive Council also approved the sum of $2.76 billion for the acquisition of 20 percent minority stake by the NNPC in Dangote Petroleum and Petrochemical Refinery.