Former Vice President of Nigeria, Atiku Abubakar has criticized the decision of the federal government to use $1.5 billion to renovate the Port Harcourt Refinery.
According to Atiku Abubakar, the sum of $1.5 billion to renovate or turn around the Port Harcourt Refinery appears to be an unwise use of scarce funds at this critical juncture for an assortment of reasons.
He took to his Twitter page and wrote: We must bear in mind that the Shell Martinez Refinery is more profitable than the Port Harcourt Refinery.
Moreover, the cost appears prohibitive. Too prohibitive, especially as Shell Petroleum Development Company last year sold its Martinez Refinery in California, USA, which is of a similar size as the Port Harcourt refinery, for $1.2 billion.
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