Home / Economy / National Oil Company returns ownership of the Libyan-Norwegian Fertilizer Company to the state.

National Oil Company returns ownership of the Libyan-Norwegian Fertilizer Company to the state.

On Monday, the National Oil Corporation acquired the shares of the Norwegian “Yara” company in the Libyan-Norwegian Fertilizer Company, after negotiations with all concerned parties.

The Corporation said – in a statement – that the acquired shares of the company is 50%, and with this step the ownership of the urea and ammonia factories has completely returned to the Libyan state; Where the National Oil Company owns 75% of the company and 25% for the Libyan Investment Corporation.

The corporation added that the return of ownership allows the state to restart factories, perform overhauls and maintenance necessary to preserve them, and continue to pay the salaries of their workers.

It is worth noting that the Libyan-Norwegian Fertilizer Company is a commercial company whose purpose is to operate and facilities for producing fertilizers and related industrial gases, where the National Oil Corporation contributes 25%, the Libyan Investment Authority 25%, and the Yara Company contribution is 50%.

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