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NNPC Earmarks N99 Billion For Rehabilitation Of Ailing Refineries

The Nigerian National Petroleum Corporation, NNPC, on Wednesday, February 11, said it had employed the services of in-house engineers to rehabilitate the country’s three ailing refineries.

The refineries are the Port Harcourt Refining Company, Kaduna Refining, Petrochemical Company Limited, and the Warri Refining and Petrochemical Company Limited

This project is said to cost $550m (N99bn) down from the $1.6bn (288bn) presented to it by foreign contractors.

The Group Executive Director, Refining and Petrochemicals, Ian Udoh, stated that the corporation had to use homegrown engineers, as it could not pay the bills of foreigners that were nominated by the original builders of the refineries.

He said: “For the three refineries, the estimate going with the nominees of the original builders of the refineries would have come up to $1.6bn.”

“But we couldn’t afford that because we are not going to get any funding from the government for that. We examined the work scope and picked up the essential things that we must do to get these refineries to operate optimally at around 90 per cent of capacity.”

Udoh disclosed this on the sidelines of a briefing organised by the corporation to debunk claims that it was indicted by the forensic audit report of the PricewaterhouseCoopers, PwC.

 

 

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