NNPC signs $1.5bn Portharcourt refinery rehabilitation contract
The Nigerian National Petroleum Corporation (NNPC) and Italy’s Maire Technimont have signed a $1.5billion contract for the rehabilitation of the Port Harcourt Refinery.
Group Managing Director, NNPC, Mele Kyari, explained that the agreement was between PHRC and Tecnimont SPA. He added that the contract was for the provision of engineering, procurement, construction, installation and commissioning services for the refinery rehabilitation project.
The contract was signed on Tuesday by the Managing Director of the Refinery, Ahmed Dikko, as well as the vice president of Tecnimont, Sub-Saharan Africa, Davide Pellizola. Under the contract, Maire Tecnimont subsidiary Tecnimont will undertake EPC activities for a full rehabilitation work to restore at least 90% of the Port Harcourt refinery complex’s nameplate capacity.
The refinery has the capacity to process 210,000 barrels of crude per day. The contract is expected to run in three phases of 18 months, 24 months and 44 months respectively and funded by the NNPC, budgetary provisions, IGR and the AfreximBank.
Maire Tecnimont Group CEO Pierroberto Folgiero said: “With this great result we confirm the soundness of our business strategy on geography diversification, as one of its key elements is to grow and assist our clients in their revamping initiatives, leveraging on our technological know-how to ensure more efficient and environmentally better performing processes and products.
“Moreover, we enhance our footprint in Nigeria and in Sub-Saharan Africa, a market with excellent downstream prospects given its demographics and the necessity to unlock greater added value from the transformation of natural resources.”
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