Yara sells off interest in Libyan ammonia and prilled urea plant

05.01.2021

Yara has agreed to divest its full ownership interest in the Libyan Norwegian Fertiliser Company (LIFECO) with Libya’s National Oil Corporation (NOC) and the Libyan Investment Authority (LIA).

LIFECO was established with Yara in February 2009 at NOC’s long existing fertiliser complex at Marsa el Brega, and is the only producer of mineral fertiliser in Libya.

Marsa el Brega is on the Mediterranean coast and facilitated the export to major urea markets. Across two trains, the total ammonia capacity is 700,000 t/y and urea is 900,000 t/y, as given on the company website.

Yara’s full legal ownership interest in LIFECO together with all economic rights and all obligations and liabilities are transferred to NOC as of 31 December 2020, said Yara in its statement.

Yara owned 50% of LIFECO, while NOC and LIA each held a 25% stake. “Yara’s book value of the investment is zero, and Yara expects to book a minor pre-tax gain in its fourth-quarter 2020 results following the transaction,” the statement said.

In March 2020, Yara sold its 25% share in the world’s largest single-site urea producer Qatar Fertiliser Company (QAFCO).

 

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