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