Yara has sold its 50 % stake in the Libyan Norwegian Fertiliser Company (Lifeco) to Libya’s National Oil Corporation (NOC). Prior to this deal, Yara held 50 % stake in Lifeco while NOC and Libyan Investment Authority each held a 25 % stake.
Yara has plans to produce 500,000 tonnes per annum of green ammonia in Norway. The move is expected to support the hydrogen economy in the region. The company also has plans to fully electrify its ammonia plant in Porsgrunn which has the potential to reduce 800,000 tonnes of CO2 per annum.
The mega plant aims to replace fossil hydrogen with renewable hydrogen in order to produce ammonia. It has the potential to reduce 100,000 tonnes of CO2 every year and is expected to be operational by 2024/25 subject to public co-funding and regulatory frameworks.
The nitrogen and phosphate complex produces an annual production capacity of 200 kilo tonnes of ammonia, 500 kilo tonns of nitrates and 700 kilo tonnes of phosphate fertiliser. The acquisition aims at strengthening the company’s position in Brazil.