PRESIDENT Muhammadu Buhari has pledged that income accruing to the country from rising oil prices in the international market will be spent on infrastructural development. 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. Port Harcourt used to refine 60,000 barrels per day, and it was later upgraded to 100,000 barrels. “ There are other upstream initiatives, and a deep water project, with the estimated expenditure of $13 billion,” Vella disclosed.

Source: Nigerian Tribune January 26, 2018 15:50 UTC