Yara sells Libya NOC its 50% stake in the Libyan-Norwegian fertilizer company

Alwasat - Cairo Mon 04 Jan 2021, 11:03 PM
alwasat radio

Libya's National Oil Corporation (NOC) has acquired the 50% stake of the Norwegian company Yara in the Libyan-Norwegian fertilizer company.

The organization said that the deal was made last Thursday "after professional negotiations from all parties and taking the necessary approvals to complete the transaction in accordance with the legislation in force," according to a statement released on Monday.

The NOC said that following the agreement, it would hold a 75% stake in company while the Libyan Investment Authority would control 25%.

He added that Yara's cooperation "played a prominent role in completing this deal in a friendly manner that will maintain the good relationship between the parties, which will enable the Libyan party to restart the factories, carry out the necessary maintenance and continue to pay the salaries of its employees."

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