FG explains why it revoked 4 Addax Petroleum Oil Mining Licenses

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The rehabilitation deal of the Port Harcourt refinery signed by the Nigerian National Petroleum Corporation (NNPC) and Marie Tecnimont means loads to each Nigeria and the Italian agency.

While Nigeria sees the rehabilitation train as a strategy to restore the ability’s outdated glory and enhance petroleum merchandise manufacturing within the nation, the administration of Tecnimont sees the event from a unique angle.

The firm, which is listed on the Milan Stock Exchange, intends to make use of the deal to strengthen its footprint in Nigeria.

READ: $1.5 billion refinery rehabilitation is brazen and expensive adventure – Atedo Peterside

This was disclosed by the corporate in a statement issued and seen by Nairametrics on Tuesday.

It acknowledged, “The overall contract value is about $1.5 billion. The project entails engineering, procurement and construction (EPC) activities for a full rehabilitation of the Port Harcourt refinery complex, aimed at restoring the complex to a minimum of 90% of its nameplate capacity.

The complex is composed of two refineries totalling an overall capacity of approximately 210,000 bpd (barrels per day). The project will be delivered in phases from 24 and 32 months and the final stage will be completed in 44 months from the award date.”

Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, acknowledged: “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.

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READ: Is rehabilitating the Port Harcourt refinery necessary? -The $1.5 billion question

It represents a testament to our technological DNA, as we are strongly increasing our focus on initiatives for the modernization of the refining sector, such as these strategic rehabilitation works.

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. We are eager to keep on supporting a leading player in the area such as NNPC to develop Africa’s downstream sector.

What you must find out about Maire Tecnimont S.p.A.

It heads an industrial group that leads the worldwide pure useful resource conversion market (downstream oil & gasoline plant engineering, with technological and govt experience).

Its subsidiary NextChem operates within the subject of inexperienced chemical substances and applied sciences in assist of the power transition. The Maire Tecnimont Group operates in approx. 45 nations, by way of approx. 50 operative firms and about 9,000 individuals.

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