Economics and Business

Libya acquires Norwegian Yara’s stake in the Libyan-Norwegian Fertilizer Company

Libyan Cloud News Agency – Tripoli

The National Oil Corporation has acquired Norwegian Yara’s 50% stake in the Libyan-Norwegian Fertilizer Company following negotiations between both parties.

With this acquisition, the ownership of the ammonia and urea plants has been returned in full to the Libyan state with 75% to the National Oil Corporation and 25% to the Libyan Investment Authority.

The National Oil Corporation said in a statement that Yara had played a prominent cooperative role in this deal in an amicable way which guarantees the continuation of good relations between both parties.

It added that this acquisition will enable the Libyan state to restart the plants and conduct maintenance and works necessary to ensure they are well looked after and to ensure the continuation of payment of employees’ salaries.

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