Fertilizer maker Agritech Limited (PSX: AGL) has halted urea production due to the suspension of Re-Gasified Liquefied Natural Gas (RLNG).
In a stock filing, the company said Sui Northern Gas Pipelines Limited (SNGPL) has suspended RLNG supply to AGL’s urea plant as of January 4th, 2023, and will continue until further instructions.
“SNGPL has stated that the suspension of RLNG supplies is in accordance with the Cabinet’s ECC decision made on January 3, 2023. As a result, the Company will be unable to produce urea during this time period and plans to resume plant operations as soon as RLNG supply is restored by SNGPL,” the filing reads.
The development comes as many publicly listed companies from various industries have either closed or reduced their operations, citing import restrictions, energy shortages, and low demand.
At the time of filing, AGL’s scrip at the bourse was Rs. 5.00, down 0.99 percent or Rs. 0.05 on Wednesday.
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