Yara sells LIFECO stake to Libya’s National Oil Corporation
Oslo, 4 January 2021: Yara has entered into an agreement with Libya’s National Oil Corporation (“NOC”) and the Libyan Investment Authority (“LIA”) on 31 December 2020 to divest its full ownership interest in the Libyan Norwegian Fertiliser Company (“LIFECO”).
Yara’s full legal ownership interest in LIFECO together with all economic rights and all obligations and liabilities attaching or relating thereto are transferred to NOC as of 31 December 2020.
Prior to this agreement, Yara owned 50% of LIFECO, while NOC and LIA each held a 25% stake. Yara’s book value of the investment is zero, and Yara expects to book a minor pre-tax gain in its fourth-quarter 2020 results following the transaction.
Thor Giæver, SVP Investor Relations
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Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger, we pursue a strategy of sustainable value growth, promoting climate-friendly and high-yielding crop nutrition solutions for the world’s farming community and food industry.
Yara’s ambition is to be the Crop Nutrition Company for the Future. We are committed to creating value for our customers, shareholders and society at large, as we work to develop a more sustainable food value chain. To achieve our ambition, we have taken the lead in developing digital farming tools for precision farming, and work closely with partners throughout the food value chain to improve the efficiency and sustainability of agriculture and food production.
Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. With our integrated business model and a worldwide presence of around 16,000 employees and operations in over 60 countries, we offer a proven track record of responsible and reliable returns. In 2019, Yara reported revenues of USD 12.9 billion.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act