Jul 17, 2008
This partnership agreement signed today covers upgrading of the existing production facilities at Marsa El Brega in Libya, and to study the feasibility of adding new world class fertilizer plants.
Dr. Shokri Ghanem, Chairman of NOC, emphasized his previous statement that "This partnership is another example of NOC's new policy of attracting foreign investment and expertise in the oil and gas industry with particular attention to the downstream sector for the benefit of the diversification and integration of the Libyan economy. This new cooperation we strongly believe will bring together a global fertilizer company and a national corporation having the qualifications to create such a joint venture able to upgrade the existing plants as well as adding new capacities and strengthening Libya's position in the international market".
"With our new partnership with The National Oil Corporation and Libyan Investment Authority we have found an excellent strategic fit, including sound economics and future development opportunities. We believe that this new cooperation will serve to further strengthen Yara's position as the global market leader within the fertilizer industry," says President and CEO of Yara International, Thorleif Enger reaffirming his previous statement.
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.
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
Hamed Brodersen, Media Relations
Cellular (+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 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com