October 30 (SeeNews) - Bulgarian blue-chip fertilizers producer Neochim wants to build a co-generation unit to meet its own needs, the country's energy regulator said.
The company plans to build a 8.6-megawatt (MW) steam turbine and a 12 MW electrical generator at its plant in Dimitrovgrad, in southeastern Bulgaria, and is seeking a 15-year licence for the generation of electricity, the State Commission for Energy and Water Regulation (SCEWR) said in a statement.
Neochim plans to produce 28,800 megawatthours (MWh) of electricity a year or a total 144,000 MWh between 2009 and 2013. It produces nitric acid, ammonium nitrate, ammonia, carbon dioxide, sodium nitrate and mixed fertilisers, among others.
SCEWR will consider Neochim's application to produce electricity on November 3, the regulator said on its website www.dker.bg.
Neochim said in April it plans to invest 33.5 million levs ($25.4 million/17.1 million euro) in repairs and upgrades by 2013, including tecnological upgrades, raising product quality, environmental and energy projects.
Last year, Neochim (www.neochim.bg) produced 280,468 tonnes of liquid ammonia, 403,755 tonnes of nitric acid and 502,607 tonnes of ammonium nitrate, up by 17.2%, 13.2% and 11.4%, respectively, from the previous year.
The company said back in April it sees this year's sales of ammonium nitrate falling 56% to 220,000 tonnes, or some 94 million levs, due to the market stagnation. Its ammonium nitrate output will be sold mostly on the domestic market. In 2008, it sold 500,694 tonnes of ammonium nitrate, of which 48.98% was exported. The company's sales revenue increased 5.4% to 285.1 million levs last year.
Neochim's net profit surged nearly fifteen-fold to 44.8 million levs in 2008, as the plant was operational for a longer period of time than it was in the previous years.
(1 euro = 1.95583 Bulgarian levs)