Oslo (2011-04-13): Yara International ASA has decided to initiate an external
investigation related to the establishment and follow-up of Yara's interest in
Libyan Norwegian Fertilizer Company (Lifeco).
Yara has notified The Norwegian National Authority for Investigation and
Prosecution of Economic and Environmental Crime (Ã˜KOKRIM) of the possibility
that criminal offenses may have occurred before October 2008 in connection with
the negotiations preceding the company's investment in Libya.
The external investigation will be headed by Jan Fougner, partner at the
Norwegian law firm Wiersholm, Mellbye and Beck. In addition to the Libyan JV,
the investigation will also be mandated to look at potential integrity issues
related to other JVs. Yara is not aware of any so-called "red-flags" for
potential breach of ethical guidelines related to other JVs.
Lifeco was established in February 2009 with a 50% Yara ownership, 25% National
Oil Company ownership and 25% Libyan Investment Authority ownership. The company
owns and operates ammonia and urea plants in Marsa El Brega, Libya, with a
combined annual capacity of 900,000 tons urea and 150,000 tons merchant ammonia.
The production was temporary closed down second half of February due to the
unrest, and will remain closed until the situation has stabilized.
Torgeir Kvidal, Investor Relations
TelephoneÂ (+47) 24 15 72 95
Cellular (+47) 91 339 832
Asle Skredderberget, Media Relations
Cellular (+47) 41 44 36 10
Yara International ASA is the world's leading chemical company that converts
energy, natural minerals and nitrogen from the air into essential products for
farmers and industrial customers. As the number one global supplier of mineral
fertilizers, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 7,300 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
This information is ubject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Yara International ASA via Thomson Reuters ONE