In 2011, Yara continued to pursue its growth ambitions, adding new production capacity, strengthening its position in growth markets and entering several new contracts for deliveries and distribution of its AdBlue solution.
Major financial events
Yara entered an agreement with the leading Moroccan company OCP S.A. in December, to establish a 50/50 JV in Brazil, further strengthening its already strong platform in this growth market.
Yara signed an agreement – acquiring Petro Miljö, the world leader in Selective Non Catalytic Reduction (SNCR) technology in October – as a first step towards adding a vital dimension to existing business based on the supply of NOx abatement reagents.
Yara’s Annual General Meeting in May approved a dividend of NOK 5.50 per share, and renewed the authorization of the Board of Directors to acquire own shares.
Yara reduced its ownership in some ventures during 2011, including its 37.7% stake in Yaibera Holding (‘Rossosh’) in Russia, and its 49% stake in JSC Nordic Rus Holding. In October, Yara signed an agreement with Praxair, Inc., reducing its ownership in the JV Yara Praxair Holding AS from 50 to 34%, with a gain of NOK 309 million.
Early 2012, Yara increased its ownership share of the Australian JV Burrup Holdings Limited to 51%, with Apache Energy holding the remaining 49%. The company was renamed Yara Pilbara, marking a more active role for Yara in the region.
Major operational events
Yara officially opened the new Urea 7 plant at Sluiskil, the Netherlands, in October. With an output of 3,500 tons of urea a day, this plant increases production capacity and supplies a vital raw material for the growing environmental solutions segment. The new plant has state-of-the-art resource efficiency and heavily reduced emission levels.
Yara entered several new contracts for delivery and distribution of its AdBlue solution to leading oil and truck companies. Yara opened a new terminal for Diesel Exhaust Fluid (DEF) in Texas, and a US Gateway terminal in Louisiana in November.
On 20 February 2011, production in the Libyan JV plant, Lifeco, was suspended due to the unrest in the country. This safeguarded employees and the plant, and lead to a loss of NOK 131 million