Emerald Oil plans to resume factory operations after more than two years of shutdown, investing about Tk10 crore to repair and modernise its production facilities as it seeks to revive manufacturing disrupted by gas shortages.
The company told the Dhaka Stock Exchange (DSE) on Wednesday that its board had authorised management to restart the factory and complete the repairs and maintenance required to bring the plant back into operation.
Production has remained suspended since 1 January, 2024 due to inadequate gas supply, according to the disclosure.
As part of the revival plan, Emerald Oil has procured a new boiler, transformer and electric substation, with installation already underway. Repair work is also being carried out on the refinery unit and other plant and machinery.
The company expects to spend around Tk10 crore on new equipment and maintenance before operations resume.
Investors welcomed the announcement, sending the stock up 9.62 per cent to Tk26.20 on the DSE on Wednesday. A total of 633 shares changed hands during the session.
