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
“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.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
- Dabeiba instructs 5 Ministries to absorb militias into state institutions - August 05, 2021
- Another large shipment of China’s Sinopharm arrives in Libya - August 05, 2021
- Malaria infected football player claims he was forcibly removed from air ambulance - August 05, 2021
