On Thursday, the National Oil Corporation acquired the 50% participation of Yara, the Norwegian company, in the Libyan Norwegian Fertiliser Company following negotiations which were conducted with professionalism by all parties and the obtainment of the necessary approvals to complete this transaction according to applicable law.
Pursuant to 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.
Yara played a prominent cooperative role in this deal in an amicable way which guarantees the continuation of good relations between the parties.
According to the NOC’s statement, this acquisition will enable the Libyan party 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.