The Federal Executive Council (FEC) has approved the acquisition of 20 percent minority stakes by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petro-Chemical Refinery.
Timipre Sylva, Minister of State for Petroleum Resources, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa.
Sylva said the acquisition was in the sum of 2.76 billion dollars.
He said that council also approved contracts for the rehabilitation of Warri and Kaduna refineries.
“The FEC, today, approved the award of contract for the rehabilitation of Warri and Kaduna Refineries at the combined total sum of 1.5 billion dollars– 897. 67 million dollars for Warri Refinery and 586. 9 million dollars for Kaduna Refinery.
“The Executive Council also approved the acquisition of 20 per cent minority stakes by the NNPC in the Dangote Petroleum and Petro-Chemical Refineries in the sum of 2.76 billion dollar,” he said.
