Yara International ASA, the National Oil Corporation of Libya (NOC) and Libyan Investment Authority (LIA) have signed the final agreements to create a fertiliser joint venture (JV) aptly named, Libyan Norwegian Fertiliser Company (Lifeco).
NOC will supply natural gas to Lifeco under a long-term agreement with a gas price linked to fertiliser product prices.
Yara will handle all urea and ammonia exports from Lifeco. The existing operations produce approximately 900,000 tonnes of urea and 150,000 tonnes of merchant ammonia per year.
$quot;We are delighted with reaching this milestone. With our commitment to the growth and expansion of Lifeco, the acquisition will be of great benefit to Yara, LIA and NOC. Lifeco complements Yara’s global commercial activities and provides new investment in Libya as part of Yara’s core business,$quot; said Jørgen Ole Haslestad, President and CEO of Yara International ASA.
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