Nigeria Tackles Oil Refinery Overhaul at Port Harcourt

A year after shutting down all of its dilapidated refineries to figure out how to fix them, the government has approved U.S.$1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers State.  Nigeria is desperate to fix its refineries, but progress in finding funds for overhaul programs has been very slow and challenging.  The government secured the services of Italy's Maire Tecnimont to handle the assessment of the refinery complex, with oil major ENI appointed as the technical adviser. S&P Global Platts, which provides benchmark prices for commodity markets around the world, reports that the successful negotiations of the funding arrangement, led by Afreximbank, paved the way for the NNPC to move to the commercial stage of pre-qualifying bids submitted by local and international companies. These companies will be for the engineering, procurement, and construction contract award for the rehabilitation of 210,000 barrel per day at the Port Harcourt refinery.

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