August 9 (SeeNews) - Bulgarian fertilisers maker Neochim [BUL:3NB] said on Friday that it is planning investments of over 7 million levs ($4.0 million/3.6 million euro) this year, most of which in a new storage facility.
Neochim is investing some 5 million levs in the construction of the facility for temporary storage of chemical products and mineral fertilisers, which is planned to have a capacity to hold some 23,000 t, the company said in a bourse filing.
The company also launched the planned annual maintenance of its production facilities, most of which are expected to relaunch operations in the second half of 2019. The company has decided to suspend its ammonia production activities indefinitely, due to the natural gas prices in the country, which, according to Neochim, are among the highest in the EU, and the rising cost of the EU emission allowances.
As at 12:00 CET on Friday, Neochim shares traded 0.85% lower at 23.2 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)