Chimco Will Suspend Operations over Natural Gas Price Hike.
06.11.2000
The latest 16.42% price increase of natural gas to BGN 312/1,000 cu m after VAT is forcing urea-maker Chimco to its knees and may lead to a suspension of ammonia and urea production, the company said Thursday. Having to pay so much for the input and with urea fetching USD 100-105/t on the international market, Chimco has been losing USD 200,000 monthly. Options may be sought shortly to shut down and mothball the facilities, even though this, too, will cost some USD 1.5 million a month. Now the urea maker is utilising 50% of its capacity, making ammonia for the Bulgarian chemical industry and urea for the domestic and regional market