YARA International To Investigate Libyan Relations

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, the world’s largest  fertilizer company says in a statement.

“Yara is not aware of any so-called “red-flags” for potential breach of ethical guidelines related to other JVs.”

Yara International ASA

Yara has notified The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM) of the possibility that criminal offenses may have occurred before October 2008 in connection with the negotiations preceding the company’s investment in Libya.

According to the short statement from Yara International ASA Wednesday evening, the investigation will also be mandated to look at potential integrity issues related to other Joint Ventures – not only in Libya, it seems like.

But for the moment the company – being the largest fertilizer producer in the world – Yara International ASA has decided to focus on the external investigation related to the establishment and follow-up of Yara’s interest in Libyan Norwegian Fertilizer Company (Lifeco).

“Yara is not aware of any so-called “red-flags” for potential breach of ethical guidelines related to other JVs,” the statement says.

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,” Yara says.

The external investigation will be headed by Jan Fougner, partner at the Norwegian law firm Wiersholm, Mellbye and Beck.

Copy of statement.

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