The funds would be going into the turnaround maintenance, TAM, of the three refineries located in Warri, Kaduna and Port Harcourt in an attempt to bring them back to life.
Petroleum Resources Minister, Mrs. Diezani Alison-Madueke, disclosed this, Monday while appearing before the Senate Committee on Petroleum Resources Downstream Sector,
According to the minister, the TAM, which is expected to begin in January 2013, is scheduled for completion in October 2014.
It is only after this that the three refineries could operate at full capacity utilisation, the minister told the lawmakers.
Reports indicated that the Warri and Kaduna refineries were operating at about 25 per cent capacity utilisation about two months ago, but the Port Harcourt refinery has remained down.
Alison-Madueke stated that over 75 per cent of the parts needed for the rehabilitation of the Port Harcourt refinery has already arrived the country, adding that $32 million had been paid to the original builder of the refinery as part of the efforts to revive it.
A total $147 millio would be expended on the Port Harcourt refinery TAM and another $406 million on its modernisation, she added.