Yara has entered into an agreement with Libya’s National Oil Corp. (NOC) and the Libyan Investment Authority (LIA) to divest its full ownership interest in the Libyan Norwegian Fertilizer Co. (LIFECO).
Yara’s full legal ownership interest in LIFECO, together with all economic rights and all obligations and liabilities attaching or relating thereto, have been transferred to NOC.
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 4Q20 results following the transaction.