(3 Minutes Read)
South Africa-based Renergen’s share price increased by more than 5% recently after it informed shareholders that liquefied natural gas (LNG) deliveries had recommenced following a planned, but longer-than-expected, maintenance outage
South Africa-based Renergen’s share price increased by more than 5% recently after it informed shareholders that liquefied natural gas (LNG) deliveries had recommenced following a planned, but longer-than-expected, maintenance outage.
Renergen is an alternative energy investment company focused on renewables and has a presence in Sub-Saharan Africa including South Africa.
The share price was trading at R10.95 late yesterday (Friday) afternoon, after falling steadily from R22.12 over 12 months as the commissioning of South Africa’s only onshore LNG and helium production facility has taken longer than originally stated by the company.
The delays during the maintenance outage were primarily a result of the scheduled maintenance being brought forward to coincide with the helium cold box repair. The shutdown ran longer than expected owing to unexpected challenges with the primary mixed refrigerant compressors. These compressors were supplied by a company that is part of a global Swiss compressor manufacturing group, which includes China where the compressors were assembled, a company official revealed.
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The original equipment manufacturer (OEM), local agent, and Swiss head office, with Renergen’s teams, were able to diagnose the problem and determine the root cause.
