Joined: 05 Oct 2005
Posts: 315
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Oslo (2004-04-25): Yara International ASA has signed a Heads ofAgreement with the National Oil Corporation (NOC) of Libya with theintention to establish a joint venture for production and marketingof mineral fertilizer. The planned joint venture will be owned 50% byeach partner and will comprise the ammonia and urea plants located inMarsa el Brega in Libya, presently owned by NOC. The intention is tofinalize the negotiations and to establish the new company by the endof 2007.NOC and Yara have decided to engage in a partnership to furtherdevelop the existing production capacity at Marsa el Brega in Libya,and to develop a strategic cooperation for the potential developmentof further fertilizer projects in Libya."With our new partnership with The National Oil Corporation of Libyawe have found an excellent strategic fit, including sound economicsand future development opportunities. We believe that this newcooperation will serve to further strengthen Yara's position as theglobal market leader within the fertilizer industry," says Presidentand CEO of Yara International, Thorleif Enger."This partnership is another example of NOC's new policy ofattracting foreign investment and expertise for the benefit of theLibyan economy. This new cooperation we strongly believe will bringtogether a global fertilizer company and a national corporationhaving the qualifications to create such a joint venture able toupgrade the existing plants as well as adding new capacities andstrengthen NOC's position in the international market," says Chairmanof NOC, Dr. Shokri Ghanem.The planned joint venture will comprise the ammonia and urea plantslocated in Marsa el Brega in Libya, which are presently owned by NOC.The existing operations currently produce approximately 700,000tonnes of ammonia per year, of which approximately 150,000 tonnes areavailable for sale, and 900,000 tonnes of urea. NOC will supplynatural gas and services to the new company. It is intended that Yarawill contribute towards a further upgrading of the production assets,including building new world-scale fertilizer plants, and will beappointed the marketer for export of products from the Marsa el Bregasite.ContactTorgeir Kvidal, Investor RelationsTelephone (+47) 24 15 72 95Cellular (+47) 91 339 832E-mail torgeir.kvidal@yara.comHamed Brodersen, Media RelationsCellular (+47) 40 468 110E-mail hamed.mozaffari.brodersen@yara.comYara International ASA is a leading chemical company that convertsenergy and nitrogen from the air into essential products for farmersand industrial customers. As the number one global supplier ofmineral fertilizers and agronomic solutions, we help provide food fora growing world population. Our industrial product Portfolio includesenvironmental protection agents that safeguard air and water purityand preserve food quality. Yara's global workforce of 7000 employeesrepresents great diversity and talent enabling Yara to remain aleading performer in its industry.www.yara.com
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