Africa’s leading chemical and agro-allied company, Notore Chemical Industries Plc, has announced the commencement of the Turn Around Maintenance (“TAM”) of its plant.
It also said the plant has been shut down.
According to a disclosure sent to the Nigerian Stock Exchange, the TAM is aimed at returning the company’s operating plant to its 500,000 million tonnes per annum (MTPA) nameplate capacity.
It also said it will improve the reliability index to 95 per cent from the current 67 per cent.
“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 had last year returned its operating plant to 1,500 metric tonnes per day (MTPD) and 500,000 million tonnes per annum (MTPA) nameplate production capacity.
Notore Chemical Industries Plc was incorporated in Nigeria on November 30, 2005, as a private limited liability company, and is domiciled in Nigeria. Its registered office address is Notore Industrial Complex, Onne, River State, Nigeria. On June 13, 2014, the company was re-registered as a public limited liability company and was listed on the Main Board of the Nigerian Stock Exchange on August 2, 2018.
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