2009-02-15

Yara creates JV fertilizer company with Libyan authorities.

Yara International ASA, Libya's National Oil Corp. (NOC) and the Libyan Investment Authority (LIA) signed the final agreements to create the the fertiliser joint venture Libyan Norwegian Fertilizer Co. (Lifeco).
Yara, NOC, and LIA will have ownership shares of 50%, 25%, and 25% respectively in Lifeco, which will own the fertilizer facilities located at Marsa El Brega 700 km east of the Libyan capital Tripol, with approximately 1,200 employees. The closing of the deal follows approval of the required licenses under the Libyan Investment Law.
Natural gas, Key utilities and services will be supplied by Sirte Oil Company to Lifeco.  The existing Marsa El Brega fertilizer assets, valued at $225 million. Yara will handle all urea and ammonia exports from Lifeco.  The existing operation produce approximately 900,000 tonnes/year of urea and 150,000 tonnes/year of merchant ammonia per year.