Notore Chemical Industries Plc has notified the investing public of the commencement of the Turn around Maintenance (TAM) of the company’s Fertiliser Plant and the Plant has been shut down.
In a notification available on the website of the Nigerian Stock Exchange, the company stated thus:
“The shareholders, the Nigerian Stock Exchange and the investing Public are hereby notified that the Turn Around Maintenance (TAM) of Notore Chemical Industries Plc’s (the Company) Fertiliser Plant has commenced and the Plant has been shut down. The objective of the TAM is to return the Plant to its 500,000MTPA nameplate capacity and improve the reliability index to 95%. 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”.