NOC announces acquisition of Libyan-Norwegian Fertilizer Company
The agreement reached grants the NOC 75% and the LIA 25% of the stake in the company
The Libyan National Oil Corporation (NOC) announced yesterday that it had acquired the Norwegian Yara’s 50% stake in the Libyan-Norwegian for Fertilizers Company.
“By the grace of God whom we thank, on Thursday 31/12/2020, the National Oil Corporation acquired the 50% participation of Yara, the Norwegian company,” the NOC said in an official statement on its website.
The NOC also noted that the agreement was reached following extensive negotiations between relevant parties to make needed arrangement and obtain necessary approvals.
Before the agreement, LIA and NOC held 25% stake respectively while Yara owned 50% of LIFECO.
“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 statement added.
The NOC concluded that the 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.
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