State-owned Nigerian National Petroleum Corporation (NNPC) has been approved by the Nigerian government to acquire a 20% stake in the Dangote refinery for $ 2.76 billion.
The 650,000bpd integrated refinery project is currently under construction in the Recce Free Zone near Lagos.
At an estimated $ 18 billion, the refinery is expected to be Africa’s largest oil refinery and the world’s largest single train facility when completed. It is scheduled to be commissioned by January 2022.
Nigeria’s Minister of Petroleum Resources Timipre Sylva said the Federal Executive Council (FEC) has also approved a contract to modernize two state refineries, Warri and Kaduna.
Sylva said:
“FEC has also approved the acquisition of a total of $ 2.76 billion in minority interests by NNPC at Dangot Petroleum and Petrochemical Refineries.”
According to the Minister, rehabilitation contracts for the Warri and Kaduna refineries will be awarded to the Messengers Saipem SPA and Saipem Contracting.
The modernization work of the two refineries will be carried out in three stages.
The first phase will be completed in 21 months and the second phase will be completed in 23 months.
The final stage will be completed in 33 months.
Silva added: “Work has already begun at Port Harcourt. The first 15% of the contract amount has already been paid to the contractor and the contractor has been fully mobilized to the site.”
The 650,000bpd integrated refinery project is currently under construction in the Recce Free Zone near Lagos.
At an estimated $ 18 billion, the refinery is expected to be Africa’s largest oil refinery and the world’s largest single train facility when completed. It is scheduled to be commissioned by January 2022.
Nigeria’s Minister of Petroleum Resources Timipre Sylva said the Federal Executive Council (FEC) has also approved a contract to modernize two state refineries, Warri and Kaduna.
Sylva said:
“FEC has also approved the acquisition of a total of $ 2.76 billion in minority interests by NNPC at Dangot Petroleum and Petrochemical Refineries.”
According to the Minister, rehabilitation contracts for the Warri and Kaduna refineries will be awarded to the Messengers Saipem SPA and Saipem Contracting.
