About Yara

2009: Lifeco agreement signed

In February 2009, Yara, the National Oil Corporation of Libya (NOC) and the Libyan Investment Authority (LIA) signed the final agreements to create the Libyan Norwegian Fertiliser Company (Lifeco). Yara owns 50 percent of the fertilizer joint venture, with NOC and LIA each holding a 25 percent stake.

NOC transferred existing Marsa El Brega fertilizer assets, valued at USD 225 million, to Lifeco while Yara contributed the corresponding value in cash to the new company.

NOC will supply natural gas to Lifeco under a long-term agreement with a gas price linked to fertilizer product prices. Yara will handle all urea and ammonia exports from Lifeco. The existing operations produce approximately 900,000 tons of urea and 150,000 tons of merchant ammonia per year.

Commenting on the agreement, Jørgen Haslestad, president and CEO of Yara, said: “With our commitment to the growth and expansion of Lifeco, the acquisition will be of great benefit to Yara, LIA and NOC. Lifeco complements Yara's global commercial activities and provides new investment in Libya as part of Yara's core business."

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