By Kayode Tokede
Notore Chemical Industries has notified The Nigerian Stock Exchange (NSE) and shareholders of Turn Around Maintenance (TAM) on its fertilizer plant in Onne, Rivers State.
The Group Chief Legal Officer/Company Secretary, Notore Chemical Industries, Mrs. Otivbo Saleh in a notice said the plant has been shut down, stressing that the objective was to return the plant to its 500,000MTPA nameplate capacity and improve the reliability index to 95 per cent.
She noted that, “Although 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 (VSM), the TAM is still on course and barring any unforeseen circumstance, it should be completed on 8th March 2021.
“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 guaranty improved cashflow, increase in annual revenue as well as return the Company to profitability.”
The company’s share price traded flat at N62.50 last week on NSE.