The decline in output was due to repairs at the company’s (DNAZ: HOLD) ammonia workshops. Ammonia output decreased by 19.2% yoy in July-September to 105.2 ths mt, urea output fell by 21.3% to 155.3 ths mt. Production of sodium hydrate grew by 25.9% to 17.4 ths mt. Concorde Capital: The threat of gas price increases has spurred Ukraine’s chemical producers to upgrade their ammonia aggregates to introduce energy-saving operations. We expect the trend to continue.