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Atedo Peterside Advises FG To Subject $1.5bn For PH Refinery Repair For Debate






(AFRICAN EXAMINER) – Founder of Stanbic IBTC and Anap Foundation, Atedo Peterside, says the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery in Rivers state should be put into  “an  informed  national debate”.
It  recalls  that the Federal Executive Council (FEC) on Wednesday  announced the rehabilitation exercise of the refinery.
According to the minister of state for petroleum, Timipre Sylva, the  rehabilitation will  be  done in three phases of 18, 24 and 44 months.
Sylva stated that an Italian company, Tecnimont SPA, will be awarded the contract.
Reacting, in a tweet on Sunday, Peterside  tasked the  federal government to halt repair of the refinery.
According to him, experts prefer that the refinery is sold to qualified investors.
“FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate,” the tweet reads.
“Many experts prefer that this refinery is sold “as is” by BPE to core-investors with proven capacity to repair it with their own funds.”




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