Income accruing to the country from
rising oil prices in the international market will be spent on
infrastructural development, President Muhammadu Buhari has pledged.
Receiving a delegation from Eni, led by
the Chief Upstream Officer, Mr Antonio Vella, the President said
extra funds outside the provision of year 2018 budget "will be
deployed to infrastructure projects like roads, rail, and power, for
the good of our people, and for the development of the country."
Budget 2018 provisions had been
predicated on $45 per barrel by the Executive, and the Senate had
adjusted it to $47 per barrel. Oil prices have, however, risen to $70
per barrel, this week.
President Buhari also appreciated Eni
for its upcoming investments in the oil industry, which included
rehabilitation of Port Harcourt refinery, and the building of a new
one.
"In my first coming, all our
refineries were working. Port Harcourt used to refine 60,000 barrels
per day, and it was later upgraded to 100,000 barrels. Kaduna and
Warri were also working optimally, and we used to satisfy the demand
of the local market. We equally exported 100,000 barrels of refined
petrol. Now, no refinery is performing up to 50%. It is a disgraceful
thing," the President said.
Leader of the Eni delegation, Mr
Antonio Vella, said his organization has presented a technical
proposal to the NNPC to rehabilitate the Port Harcourt refinery, and
also done a feasibility study on a new refinery of up to 150,000
barrels per day capacity.
"Site selection has been
completed, and 50 new graduates have already arrived in Italy for a
training that will last seven months.
“ There are other upstream
initiatives, and a deep water project, with estimated expenditure of
$13 billion," Vella disclosed.
The oil company also plans to double
power generation capacity from its plant in Delta State from its
present 500 MW to 1,000 MW, spending $750 million in the process.
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