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Italy’s Maire Tecnimont has secured a $1.5bn EPC contract from the Nigerian National Petroleum Company (NNPC).
The contract is for the rehabilitation works of the Port Harcourt Refinery Complex.
The refinery, which was closed two years ago, is owned and operated by Port Harcourt Refinery Company, a subsidiary of NNPC.
Under the contract, Maire Tecnimont subsidiary Tecnimont will undertake EPC activities for a full rehabilitation work to restore at least 90% of the Port Harcourt refinery complex’s nameplate capacity.
Maire Tecnimont Group CEO Pierroberto Folgiero said: “With this great result we confirm the soundness of our business strategy on geography diversification, as one of its key elements is to grow and assist our clients in their revamping initiatives, leveraging on our technological know-how to ensure more efficient and environmentally better performing processes and products.
“Moreover, we enhance our footprint in Nigeria and in Sub-Saharan Africa, a market with excellent downstream prospects given its demographics and the necessity to unlock greater added value from the transformation of natural resources.”
Tecnimont plans to complete the project in phases within from 24-32 months. The final stage is slated for completion in 44 months from the date to contact award.
The Port Harcourt Refining complex comprises two refineries. The old refinery, with a nameplate capacity of 60,000 barrels per stream day (bpsd), and the new refinery, with an installed capacity of 150,000 bpsd.
The two refineries bring the Port Harcourt Refinery’s combined crude processing capacity to 210,000bpsd.
Last month, the Nigerian Government reportedly approved $1.5bn in financing to repair the Port Harcourt refinery.