A partnership agreement was signed in Tripoli today by the National Oil Company, the Libyan Investment Corporation "LIC" and the Norwegian firm "Yara" to develop and upgrade the fertilizer complex at Marsa al Breiga.
The agreement was signed by the Chairman of NOC, the Vice-Chairman of Libyan Investment Corporation and Yara's Chairman of the Board.
Under the agreement, production and marketing of fertilizers will be conducted on the basis of 50% for NOC and LIC and 50% for Yara.
The agreement provided for the establishment of a joint company to be called the Libyan Norwegian Fertilizer Co., which undertakes to operate the ammonia and urea plants at Marsa al Breiga by September this Year.
The agreement also provided for possible establishment of other fertilizer plants in Libya with significant commercial capacities.

The NOC Chairman hailed the agreement as another example of the policy being pursued by NOC to encourage international companies to invest in Libyan economy and particularly in the oil industries which will help diversify the economy.
The Chairman of the Board of Yara said his firm's partnership with NOC and LIC constitute a strategic step with sound economic projects and promising future cooperation, adding the joint venture will further strengthen the pioneering position of the Norwegian company in the fertilizer industry