Notore Chemical Industries Plc on Friday notified the Nigerian Stock Exchange (NSE), shareholders and the investing public of the commencement of the Turn Around Maintenance (TAM) of its fertiliser plant.
The company dislcosed this in a statement signed by Mrs Otivbo Saleh, its Group Chief Legal Officer and Company Secretary, posted on the NSE website.
It said that the objective of the TAM was to return the plant to its 500,000MTPA nameplate capacity and to improve the reliability index to 95 per cent.
The statement said that the the plant had been shut down as a result of the TAM.
“The TAM is still on course and barring any unforeseen circumstance, it should be completed on March 8.
“Upon completion, we expect a significant improvement in the plant’s reliability index and a sustained daily production output of 1,500MT.
“Attaining this level of production will guarantee improved cash flow, increase in annual revenue as well as return the Company to profitability,” said the statement.
It also said that the disruption to global businesses occasioned by the COVID-19 pandemic and its attendant restrictions by governments all over the world, affected the timely delivery of procured spares and the arrival to site of Vendor Service Men.
(NAN)
