Norwegian fertiliser producer Yara International 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.
(Source: Yara International)