Yara Signs Joint Venture Agreement in Libya

Yara (Oslo) says it signed a joint venture framework agreement today with the National Oil Corporation (NOC; Tripoli) and the Libyan Investment Authority (LIA; Tripoli) to establish a fertilizer production joint venture in Libya. The partners signed a heads of agreement last April to study the creation of the jv, which would comprise the existing ammonia and urea plants at Marsa el Brega, owned by NOC. The jv is expected to be owned 50% by Yara and 25% each by NOC and LIA. The partners plan to upgrade and develop the existing production capacity at Marsa el...

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