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Peterside Atedo Kicks Against $1.5bn For Repair of Port Harcourt Refinery

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Peterside Atedo Kicks Against $1.5bn For Repair of Port Harcourt Refinery

Peterside Atedo Kicks Against $1.5bn For Repair of Port Harcourt Refinery
March 28
18:13 2021

Founder of Stanbic IBTC and Anap Foundation, Atedo Peterside, has kicked against plans by the Nigerian National Petroleum Corporation (NNPC) to spend $1.5bn on repair of Port Harcourt refinery.

He said the refinery in Rivers state generated no revenue in 2019 but incurred processing and administrative costs of N47 billion during the same period.

In a tweet on Sunday, he accused NNPC of attempting to plunge Nigeria into a financial mess with the proposed repair.

According to him, it is advisable the refinery is sold to qualified investors.

He tweeted: “In 2019, PH Refinery contributed zero revenue, but incurred costs of N47bn; almost N4bn a month!

“Instead of ending this nightmare through a #BPE core investor sale, NNPC wants to enmesh Nigeria into a deeper financial mess by throwing $1.5bn (incl. debt) at a problem it created?”

On March 17, the Federal Executive Council (FEC) approved $1.5bn for rehabilitation of the refinery.

Minister of State for Petroleum, Timipre Sylva, said the rehabilitation will be done in three phases of 18, 24 and 44 months.

He added that the contract will be awarded to Tecnimont SPA, an Italian company.

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