Notore Chemical Industries Plc’s has shut down its Fertiliser Plant to commence its Turn Around Maintenance (TAM).
The objective of the TAM is to return the Plant to its 500,000MTPA nameplate capacity and improve the reliability index to 95 percent.
“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,” Notore said in a statement to the Nigerian Stock Exchange (NSE), signed by its company secretary Otivbo Saleh.
Upon completion, Notore Chemical says it expects 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 firm said.
Notore’s total debt- long and short term- stood at N108.35 billion as at September 2020, that compares with 2019’s N79.97 billion, according to data compiled by MoneyCentral.