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17.07.2008 National Oil Corporation (NOC) of Libya and Yara International ASA of Norway, have completed all Agreements to establish a joint venture for the production and marketing of mineral fertilizer. This partnership agreement signed today 17.07.2008 by Dr Shokri M. Ghanem Chairman for and on behalf of NOC, Mr Mohamed H. Layas Chairman and Executive Director for and on behalf of Libyan Investment Authority , and Dr. Thorleif Enger , President and CEO for and on behalf of Yara International ASA. The planned Joint Venture will be owned 50% by YARA and 50% by the Libyan Party (National Oil Corporation and Libyan Investment Authority) which includes the Ammonia and Urea plants located at Marsa el Brega in Libya, presently owned by NOC. It is planned that the newly formed Joint Venture will commence the operation of the plants during the month of September 2008. This partnership agreement covers upgrading the existing production capacity at Marsa el Brega in Libya, and to study the feasibility of adding new world glass fertilizer plants.
Dr. Shokri Ghanem / Chairman of NOC emphasised his previous statement that “ This partnership is another example of NOC’s new policy of attracting foreign investment and expertize in the Oil and Gas industry with paticular attention to the downstream sector for the benefit of the difersification and integration of the Libyan economy . This new cooperation we strongly believe will bring togther a global fertalizer company and a national corporation having the qualifications to create such a joint venture able to upgrade the exisiting plants as well as adding new capacities and strengthen Libya’s position in the international market”. “With our new partnership with The National Oil Corporation and Libyan Investment Authority we have found an excellent strategic fit, including sound economics and future development opportunities. We believe that this new cooperation will serve to further strengthen Yara’s position as the global market leader within the fertilizer industry,” says President and CEO of Yara International, Thorleif Enger reaffirming his previous statment. 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 approx. 700,000 tones of ammonia per year, of which approx. 150,000 tones are available for sale, and 900,000 tones 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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