$type=ticker$count=12$cols=4$cate=0

FG pays $194m for Port Harcourt refinery, plans additional $98m, N17.2 Billion

  The Federal Government has processed $98m and N17.2bn as partial payments for the ongoing rehabilitation of the Port Harcourt Refining ...

 


The Federal Government has processed $98m and N17.2bn as partial payments for the ongoing rehabilitation of the Port Harcourt Refining Company, it was learnt on Friday.

It was also gathered that the government had made an initial payment of $194m, being the 15 per cent advance payment required for the rehabilitation of the facility, to Tecnimont SpA of Italy.

A report obtained from the Nigerian National Petroleum Company on the financial status update of the rehabilitation said the project was financed by an equity contribution by the sponsor and loan by lenders (AfreximBank).

The report indicated that the Engineering, Procurement, Construction, Installation and Commissioning contract price remained at $1.397bn lump sum with $162m as provisional sum, bringing the total project cost to $1.559bn, as approved by the Federal Executive Council.

The Federal Executive Council approved the contract for the EPCIC of the Port Harcourt refinery on March 17, 2021, and work on the facility commenced last year.

The council approved the award of PHRC EPCIC contract to Tecnimont in March, and the contract agreement was signed on April 6, 2021, as the report seen in Abuja on Friday indicated that additional funds had been processed to ensure the continued rehabilitation of the plant.

The report said, “Advance payment of 15 per cent ($194m with 70 per cent in US dollars and 30 per cent in naira) has been paid to Tecnimont as a contractual requirement.

“Advance payment guarantee of $300m has been provided by Tecnimont. Milestone One (10 per cent) payment ($98m and N17.2bn) has been processed for payment. The project has 14 payment milestones with deliverables attached.”

On the status of the rehabilitation, the report said the overall project cumulative planned progress was 10.7 per cent, but noted that actual cumulative progress was 6.3 per cent.

“Contractor is to issue a mitigation plan to address this variance and to ensure that the project is completed within schedule,” the NNPC report said.

Some challenges were identified by the PHRC management in the report. It said the COVID-19 outbreak with the current Omicron variant had created travel disruptions and supply chain challenges worldwide.


Another challenge was the concerns on the East-West Road and the loss of project man-hours on the road associated with movement to and from the refinery.


The report, however, maintained that the project completion period for the entire rehabilitation work was 44 months from effective date, which was April 6, 2021.


It said the contractor was complying with the provisions of the Nigerian Content Development Act, adding that there was active participation of Nigerian companies as sub-contractors in the project.

It said a Memorandum of Understanding was signed between the contractor and community leaders detailing expectations by the host communities from the contractor.

“There has been zero unrest so far due to the robust community relation engagement between owner/contractor and the host communities,” the report said.

The commencement of the rehabilitation of the Port Harcourt refinery in 2021 received commendations from industry players and observers, going by the work being done at the facility.

It was learnt that Tecnimont had since mobilised to site with its sub-contractors, as 15 per cent advanced payment was made to the contractor after the submission of advance payment guarantee.

The managers of the refinery said the rehabilitation was aimed at restoring the plant to a minimum of 90 per cent nameplate capacity utilisation.

It can be recalled that the PHRC would supply 11 million litres of Premium Motor Spirit, popularly called petrol, to the domestic market. This means the company is expected to produce about 3.96 billion litres of petrol annually.

The PHRC and two other refineries, Warri Refining and Petrochemical Company and Kaduna Refining and Petrochemical Company, are under the management of the NNPC.

The facilities have been dormant for several years, refining zero crude despite repeated turnaround maintenance exercises on them.

But industry stakeholders are optimistic that the ongoing rehabilitation of PHRC would yield the desired result and enable the facility to pump out refined petroleum products domestically.



from Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper. https://ift.tt/HPbSY4sTj
via gqrds

COMMENTS

BLOGGER

/fa-clock-o/ WEEK TRENDING$type=list

Name

#bbnaija,2,2019,1,2019 elections,3,2face idibia,7,About Us,1,accident,21,Action,1,Adeboye,1,Africa,21,africa news,37,Africam News,1,African Beauty,12,African history,1,african news,5,African Students,2,africatourism,1,Agriculture,17,Almajiri,1,ambode,24,Android,3,Animals,1,anthony joshua,3,APC,30,Apostle Johnson Suleiman,7,Apostle Suleiman,1,Apple,1,Arsenal FC,3,Art,1,article,7,Articles,1,Arts and Culture,4,Assurance Davido,1,ASUU,7,autos,1,Award,31,Ayo Fayose,4,Ayodele Fayose,1,bangladesh,1,barcelona fc,14,basketball,1,bb naija,1,bbcyoruba,1,BBnaija,41,BEAUTY,24,bet awards,1,Beuty,1,beyonce mass,1,biafra,28,Bitcoin,1,Black Panther,3,Blackberry updates,3,Blackpanther,1,blog,2,Blogger,53,Bloggers Hit,22,Blogging,1,bobrisky,1,Boko Haram,86,Boko Haram Crisis,32,Boko-haram,19,Boko-Haran,1,BOKOHARAM,8,Bolo Haram Crisis,5,Bovi,1,boxer,6,boxing,1,Brain Teazer,1,Breaking,134,Breaking News,1619,Breakinh,1,Brealing,1,BREXIT,2,Bruno Mars,1,budget,8,Buhari,196,Buratai,1,bursaries,2,BUSINESS,171,Business Breaking,1,CAC church,1,Calabar,1,cambridge exams,3,CAN,2,Cancet,1,career,4,Cars,1,Ceelebrities,1,Celebrities,636,Celebrity,11,Celebs,10,Celerities,8,chamions league,8,champion's league,28,Champions league,2,Champions' League,1,CHEATS,27,chelsea fc,85,chemistry,1,chibok girls,3,Chioma,1,christiano Ronaldo,43,Comedy,10,Commonwealth,2,Corruption,5,Court,1,Crime,108,Crisis,134,Crisis in Nigeria,57,Culture,1,daddy freeze,1,daily devotion,1,dangote,7,Dansuki,4,Dapchi Girls,1,dapchigirls,1,Dasuki,3,Davido,40,Dbanj,1,Diezani Alison Madueke,1,dino melaye,7,disaster,4,diy,8,dk odukoya,2,DK Olukoya,1,dollar,1,Don Jazzy,1,Donald Trump,82,drug abuse,1,Drugs,7,Earth Science,6,earthquake,1,Easter,3,ecowas,4,Education,281,EFCC,96,Eid-El-Kabir,6,Ekiti,2,ekiti decides,27,Ekiti Elections,2,Ekiti States,1,el rufai,1,ELECTION,51,Election 2019,1,emenuella,1,Emir Kano,4,Employment opportunities,3,En Son Dakika haberleri,1,enter,1,Entertainement,1,Entertainment,1083,Entertainment Latest News,1,Entertainments,3,Entetainment,2,environment,1,EpicGames,2,epl,5,Ese,1,Essay Competitions,1,EU,1,euro2024,1,Europeaun Commission,1,evans,1,event,4,Events,11,Facebook,7,FACEBOOK TRICKS,5,facebook update,28,fani Kayode,3,Fashion,46,father's day,1,Fayose,5,featured,2,federal government,83,Fellowships,1,femi adesina,1,FG,1,fight,1,finance,74,Finances,1,fitness,3,flavour,1,flood,1,Folorunsho Alakija,1,football,306,football Europa League,1,Foreign,156,Fraud,39,Fuel Scarcity,13,fulani herdsmen,23,Funny,47,FUTURE TECH,16,game,3,gay pastor,2,Ghana,1,gist,69,goo,1,Goodluck Jonathan,1,Google,13,google i/o 2018,1,Google9ja,44,google9ja news,2874,gossip,28,Gov. Amosun,1,Gov. Fayose,28,graduate jobs,1,Graduates,2,Grammy Award,2,Guinness Book Of Record,1,hack,1,HACKERS,6,hajj,1,Headlines,1,Health,134,healthy food,1,Healthy Living,23,hemp,1,herdsmen,5,Hilarious,2,Hip hop,2,history,1,holiday,1,house of reps,2,How to Create a website,1,hushpuppi,1,Ibadan,3,independence,7,INEC,8,inspirational,6,International,1,International Scholarships,3,internet,7,interns,1,Internships,6,interview,2,interviews,1,Investment,1,Investor,1,iphone,17,iphones,2,ipob,1,IS,1,isis,1,israel,2,Israel Palestine crisis,1,JAMB,3,jenifa,8,Jerusalem,2,jibrin,1,Jobs,68,John Terry,1,Jokes,1,Jonathan,1,Jose mourinho,13,justin Timbalake,1,kaduna,20,Kanu Nwakwo,1,Kanye west,1,Kardashian,1,kardashians,1,Kardeshian,1,Kardeshians,1,kelvin hart,1,kelvinhart,1,Kemi olunloyo,1,kidnap,21,kim kardashians,9,kingship,7,Lagos,5,lagos state,49,Lagos train project,1,lai mohammed,3,Lassa Fever,3,Lastest News,2,lat,1,Latest News,971,latest Nigerian jobs,1,Latests News,1,lawyers,3,Leadership,1,league,2,Life,2,Life style,96,Lifestyle,35,Lifstyle,1,Linda versus Wizkid,1,Linda vrs Wizkid,1,Linda vrs Wizzy,1,Live Update,1,Live Updates,5,lol,13,London,1,Love,18,Manchester United,28,market place,2,Masters Scholarships,1,mbaka,1,mecca,1,mercy Aigbe,3,Mercy Johnson,1,messi,26,mfm prayer points,8,MFM Prayers,14,MFM Sermons,2,mimiko,1,minimum wage,1,miracle prayers,12,MKO Abiola,2,MMM,3,Mobile Phone,1,Model,1,Model United Nations,2,moji olaiya,1,Money,1,monkeys,1,motivation,4,Movie,52,Movies,3,MTN,1,MTN NIGERIA,10,mugabe,1,MUNPlanet,2,Music,16207,NAFDAC,1,Naija,2596,Naija News,1,Naija Entertainment,1,Naija New,4,Naija Newa,1,naija news,1170,naira,1,Naira devaluation,3,Naira evaluation,2,nano technology,1,NBA,3,ncc,1,NCCF,1,new,5,New music,20,New Nigeria,2,News,3800,News Nigeria,34,NewsMusic,1,newspapers,4,Niageria,1,Nicki Minaj,1,Niger Delta Avengers,37,Nigeria,17,Nigeria Air,1,Nigeria Latest News,3,nigerian,21,Nigerian Breaking News,551,Nigerian history,3,Nigerian Jobs,1,Nigerian Latest New,1,Nigerian Latest News,1223,Nigerian Latest News online,2637,Nigerian Music Entertainment,1,Nigerian Newpapers,1,Nigerian News,5,Nigerian News. Latest Nigeria News. Your online Nigerian Newspaper.,16077,Nigerian Newspaper,3,Nigerian Newspapers,1,Nigerian police apptitude test,5,Nigerian politics,183,nigerian senate house,13,Nigerian Students,2,Nigerian Super Eagles,29,Nigerians in south-Africa,3,Nih,1,nlc,1,NLC updates,2,nnamdi kanu,8,NNPC,22,Nollyhood,17,Nollywood,3,NOUN,1,NY crash,1,NYSC,19,NYSC updates,15,Obadanjo,1,Obama,5,Obasanjo,20,October 1st,3,OculusRift,1,oil and gas,1,Olamide,3,Olamide baddo,1,Olusegun Obasanjo,1,omg,2,ondo state,3,ONLINE BIZ,5,Online money,1,only in Nigeria,320,Ooni of Ife,6,ooni-ife,1,opinion,1,Orphans,1,orubebe,1,Osinbajo,2,Osun decides,10,oyo state,8,palestine,1,Pastor E. A Adeboye,1,pastor E.A Adeboye,7,pastor T.B joshua,3,paul pogba,1,PDP,4,phon,1,Phones,35,POLITICS,1790,POLİTİCS,1,POLOTICS,2,Postgraduate,1,power,1,Power holding,10,prayer,16,prayer points,5,Prayers,3,premier League,79,president,1,Products,1,proud marry,1,Public hearing,1,quiz,1,quotes,4,rat,1,RCCG,2,recruitment,4,Relationship,29,Relationships,130,Religion,112,Reviews,1,Rihana,2,rio olympics,7,ronaldinho,2,Russia 2018,17,russia2018,4,Samsung galaxy s6,1,Samsung updates,3,Sanusi Lamido Sanusi,1,Saraki,1,Satanists,1,Saudi Arabia,1,Schilarships,1,Scholarahips,1,Scholarships,1606,Scholarships 2018,1,Scholarships for Aricans,1,science,6,Security,74,Senate,2,sex doll,1,Shekau,1,shiites,1,short girls,1,short people,1,smart phones,23,smartphones,2,snake,1,socal media,1,soccer,2,social,46,Social media,1,South Africa,1,spanish league,17,Sport,17,Sporta,2,Sports,820,stolen mace,1,stolenmace,1,Stories,56,Story,1,Strategy,1,student internships,2,STUDY ABROAD,101,Style,3,Success tips,1,Sudan,1,Super Eagles,2,Tech,29,Tech matters,156,Tech News,1,Technology,1,Techs,2,Telecommunication,11,Telecommunications,1,tennis,1,terrorism,1,Test your brain,1,therock,1,TimSweeney,1,tithe,1,tompolo,1,tonto dike,3,Traineeships,1,Travel,7,Trump,3,Turkey,2,Turkieh embassy,1,turkish visa,1,Twitter,2,twitter attacks,14,uganda,1,UK,1,UK News,1,Uncategorized,4,Undergraduate Scholarships,1,Underprivileged Students,1,unemployment,6,United Kingdom,2,Updates,1,US,110,USA,1,usain bolt,1,Useful Hacks,1,UTME,3,vacancy,2,valentine,1,valentine'sday,1,Video,1,Videos,10,viral,1,virallink,4,VirtualReality,2,VISION 2020,7,vr,1,Weird,3,WEIRD NEWS,641,WEİRD NEWS,1,WEIRS NEWS,1,Whatsapp update,2,windows,1,Wired news,2,wizkid,22,wizkid in california,1,world,324,World cup,7,World News,28,World Record,2,World's statistics,1,Yahoo Tech,1,Yaya Toure,1,yemi osinbajo,21,Yobe Girls,1,Yola Girls,1,Yoruba News,1,Youth,7,Youth Opportunities,2,zimbabwe,1,
ltr
item
Google9ja | Entertainment | Nigerian Latest News online: FG pays $194m for Port Harcourt refinery, plans additional $98m, N17.2 Billion
FG pays $194m for Port Harcourt refinery, plans additional $98m, N17.2 Billion
https://blogger.googleusercontent.com/img/a/AVvXsEiA0kcMo5zkrS80UPAi11wsLctdvO4K0PINOUK5IRxvBDhV3uq-W4-78wfwRZUOwYyclxI0MlvgQSSs0aHW2tRUJsSEWlMlnc-oJvx_Jt0F0iT2t__Hz8080JDnF276Q3BfEqpNPxmmFut0PVG73YbQpBTzpvwoH8TKYmyDdbsiprXnfOJKO0r5XG9zAQ=w552-h348
https://blogger.googleusercontent.com/img/a/AVvXsEiA0kcMo5zkrS80UPAi11wsLctdvO4K0PINOUK5IRxvBDhV3uq-W4-78wfwRZUOwYyclxI0MlvgQSSs0aHW2tRUJsSEWlMlnc-oJvx_Jt0F0iT2t__Hz8080JDnF276Q3BfEqpNPxmmFut0PVG73YbQpBTzpvwoH8TKYmyDdbsiprXnfOJKO0r5XG9zAQ=s72-w552-c-h348
Google9ja | Entertainment | Nigerian Latest News online
https://www.google9ja.com/2022/01/fg-pays-194m-for-port-harcourt-refinery.html
https://www.google9ja.com/
https://www.google9ja.com/
https://www.google9ja.com/2022/01/fg-pays-194m-for-port-harcourt-refinery.html
true
8173235409350904551
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content