Yara: Libyan Lifeco Plant Closed To Ensure Employee Safety
February 22 2011 - 4:41AM
Dow Jones News
Norwegian fertilizer producer Yara International ASA (YAR.OS)
Tuesday said its Libyan Norwegian Fertiliser Co, or Lifeco, joint
venture in Libya has been shut down to ensure the safety of its
employees.
"The decision was taken locally by the plant manager, late
Sunday," Yara spokesman Bernhard Stormyr told Dow Jones Newswires
Tuesday, adding that communications with the Libyan plant have been
difficult amid the ongoing unrest in the country.
Stormyr said that the number one priority for Yara is to ensure
the safety of its Lifeco employees, but also to let its staff be
able to travel to its families in other parts of Libya.
"They obviously need to make sure that their families in other
parts of Libya are okay," he said.
Lifeco has about 1,200 employees in Libya.
Stormyr said the decision to resume operations will be taken in
collaboration with Yara's local partners.
Yara has a 50% stake in Lifeco, established in 2009 to export
urea and ammonium. The plant has an annual capacity of 900,000 tons
urea and 700,000 tons ammonia.
Lifeco represented NOK188 million, or 3%, of Yara's operating
profit in 2010.
Lifeco is located at Marsa El Brega on the Mediterranean coast,
about 700 kilometers east of the Libyan capital of Tripoli. The
other owners of the joint venture are the National Oil Corp. of
Libya and the Libyan Investment Authority.
-By Jens Hansegard, Dow Jones Newswires; +46-8-5451-3095;
jens.hansegard@dowjones.com