Yara to establish JV with NOC of Libya
Yara International ASA has signed a Heads of Agreement with the National Oil Corporation (NOC) of Libya with the intention to establish a joint venture for production and marketing of mineral fertilizer. The planned joint venture will be owned 50% by each partner and will comprise the ammonia and urea plants located in Marsa el Brega in Libya, presently owned by NOC. The intention is to finalize the negotiations and to establish the new company by the end of 2007.
The planned joint venture will comprise the ammonia and urea plants located in Marsa el Brega in Libya, which are presently owned by NOC. The existing operations currently produce approximately 700,000 tonnes of ammonia per year, of which approximately 150,000 tonnes are available for sale, and 900,000 tonnes 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 the marketer for export of products from the Marsa el Brega site.
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