Emerald Oil Industries has missed its 30 September target to resume commercial operations as a shortage of rice bran and delays in securing the required electricity connection continue to hold back production.
The company said in a Dhaka Stock Exchange (DSE) disclosure on 15 October that rice bran, its main raw material, is seasonal and is expected to become more widely available from November.
Emerald Oil said the supply shortage prevented it from restarting operations during the peak season.
The company also blamed delays in obtaining the necessary electricity connection from the Bangladesh Power Development Board, citing recent power shortages in rural areas and constraints on the national grid.
To facilitate the connection, Emerald Oil said it had installed solar panels worth about Tk80 lakh and deposited around Tk50 lakh towards connection costs set by the BPDB.
The company did not provide a new date for resuming commercial operations.
Emerald Oil shares, with a face value of Tk10 each, rose 0.72 per cent to close at Tk27.90 on the DSE on Thursday.
