Yara makes further progress towards JV in Libya
Feb 18, 2008
NOC and Yara signed a Heads of Agreement on 25. April 2007 outlining the intention to establish a joint venture company which would comprise the ammonia and urea plants located at Marsa el Brega in Libya, presently owned by NOC.
NOC, Yara and LIA today signed a Joint Venture Framework Agreement that will enable them, after final negotiations, to establish and commence the creation of the Joint Venture Company. The planned Joint Venture will be owned 25% by each of NOC and LIA, and 50% by YARA.
This is a strategic partnership to further upgrade and develop the existing production capacity at Marsa el Brega and to evaluate and potentially develop further fertilizer projects in Libya. The existing operations currently produce approximately 700,000 tones of ammonia per year, of which approximately 150,000 tones are available for sale, and 900,000 tones of urea. NOC will supply natural gas and services to the new company. It is intended that Yara will contribute towards a further upgrading of the production assets including building new world scale fertilizer plants and will be appointed as the marketer of products from Marsa el Brega site.
Torgeir Kvidal Investor Relations
Tel. +47 24 15 72 95
Mob. +47 91 339 832
Hamed Brodersen,Media Relations
Mob. + 47 40 468 110
Yara International ASA is a leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 9,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com