Nitrogénművek suspends ammonia production

Manufacturing

Nitrogénművék, Hungary's only producer of artificial fertilizer, on Wednesday said it is temporarily suspending production of ammonia because of higher energy prices, according to a report by state news wire MTI.

Nitrogénművek said the suspension of the energy-intensive production of ammonia - from which nitrogen fertilisers are made - was "unavoidable in the present market environment". It added that gas prices have more than doubled and the security of energy supply is at risk in the extraordinary situation in the European and Hungarian economies resulting from the war in Ukraine.

The company said government restrictions on grain exports impact the agricultural market "in unforeseeable ways" and "further increase risks".

"Nitrogénművek is monitoring the situation and will do everything it can to restart production and reduce the region's import dependency on artificial fertiliser," it added.

ADVERTISEMENT

MKB Q1-Q3 Earnings Climb 16% Banking

MKB Q1-Q3 Earnings Climb 16%

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

European Shoppers Reveal Holiday Habits  Retail

European Shoppers Reveal Holiday Habits 

Hard Rock Hotel Opens 'Star Chalet' for Winter Season Hotels

Hard Rock Hotel Opens 'Star Chalet' for Winter Season

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.