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

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Sunday, March 21st, 2021

(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.”