Emerald Oil starts commercial production

Emerald Oil Industries Ltd, which is listed on the stock exchange, has started commercial production of the company following a decision of its board of directors.

The company said on Sunday through the Dhaka Stock Exchange (DSE) that the commercial production of the company started from January 9 upon the success of the trial production.

The company’s office remained closed from July 23 to August 10 due to government-imposed lockdown to contain spread of coronavirus. That is why, the company said, it could not renew the licence. Besides, rescheduling of liabilities of banks and NBFIs and transfer of shares got delayed, the company said.

It could not be possible to start with the announcement of production on September 1. Now, the company started commercial production on Sunday after the successful trial production.

Emerald Oil was listed on the stock exchange in 2014. The authorised capital of the company is Tk 100 crore and the paid-up capital is 59 crore 71 lakh 40 thousand taka.