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Business News of Monday, 6 January 2020

Source: www.mynigeria.com

Notore Chemical Industries obtain 13.3 billion loan facility to revive fertilizer plant

Notore Chemical Industries on Stock Exchange Notore Chemical Industries on Stock Exchange

Notore Chemical Industries Plc has obtained a loan of N13.3 billion from the African Export-Import Bank to conduct a turn around maintenance (TAM) of its fertilizer plant.

This was contained in a statement by the firm to the Nigerian Stock Exchange.

The essence of the loan facility is to boost its nameplate Urea production capacity to 1,500MTPD and 500,000MTPA, as well as spike its reliability index from the current level of 67% to 95%, MyNigeria gathered.

With the loan fully acquired, the Company has started ordering all key components need for the fertilizer revamp. The project is expected to be completed within 30-days production to production.

"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.

Notore Chemical Industries Plc is one of the leading fertilizer and agro-allied companies in Africa. The Notore Plant is strategically located at Onne sea port in the Niger Delta region of Nigeria.

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," the statement read.