Agritech Limited (AGL) has announced the suspension of operations at its urea plant following a disruption in Re-gasified Liquefied Natural Gas (RLNG) supply, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday.
The company stated that Sui Northern Gas Pipelines Limited (SNGPL) had formally communicated a “potential event of force majeure” declared by the Liquefied Natural Gas (LNG) supplier.
According to the notice, the development stems from “the ongoing regional conflict in the Middle East,” which has disrupted LNG production facilities and, in turn, impacted LNG supply to Pakistan.
As a result of this, SNGPL informed Agritech that RLNG supply to its fertilizer plant would be suspended from 12am on Wednesday until further notice.
Therefore, Agritech confirmed that operations at its urea plant have been shut down indefinitely.
The company said the disclosure was being made in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the PSX Rule Book, and requested the exchange to inform TRE certificate holders accordingly.
