17 July 2008 13:52 [Source: ICIS news]
MUMBAI (ICIS news)--Norway’s Yara has signed major agreements with National Oil Corp (NOC) and the Libyan Investment Authority (LIA) to form a joint venture for the production and marketing of mineral fertilizers, the firm said on Thursday.
“We will own 50% in the joint venture, while LIA and NOC will own a combination of the remainder,” Yara head of investor relations Torgeir Kvidal told ICIS news.
The joint venture includes upgrading its existing ammonia and urea production plants located at Marsa el-Brega on the ?xml:namespace>
The joint venture will commence the operation of the plants by September, the firm said.
“With our new partnership with NOC and LIA we have found an excellent strategic fit, including sound economics and future development opportunities,” added Yara International CEO Thorleif Enger.
The existing operations currently produce approximately 700,000 tonnes/year of ammonia, of which approximately 150,000 tonnes are available for sale, and 900,000 tonnes/year of urea.
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