NOTORE Notifies Of Commencement Of Turn Around Maintenance And Loan Facility

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Monday, January 06,  2020   /10:16 AM  / By NSE Nigeria / Header Image Credit: Getty Images

 

Notore Chemical Industries Plc. ("Notore" or "the Company") hereby notifies The Nigerian Stock Exchange ("The Exchange"), the Company's Shareholders and the Investing Public that the Company has commenced the Turn Around Maintenance ("TAM") of the Plant. The TAM, which is aimed at returning the Plant to its 1,500MTPD and 500,000MTPA nameplate Urea production capacity, will also increase reliability index from the current level of 67% to 95%.

 

Following the drawdown of a N13,320,000,000 (Thirteen Billion, Three Hundred and Twenty Million Naira) loan facility from African Export-Import Bank ("Afrexim") for the implementation of the TAM, the Company has started ordering all key components for the TAM. The TAM project will include the procurement of critical spares required to sustain the nameplate capacity of the Plant and installation of a back-up power supply to the current Gas Turbine Generator. Upon procurement of all the key components and critical spares required, the objective is to accomplish the maintenance activities within a period of 30-days production to production.

 

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