Yara Writes Off Libyan Investment

Blaming the dangerous situation in Libya, Yara International will write off $112 million of its investment in the Libyan fertilizer joint venture Lifeco. The Norwegian fertilizer maker set up the venture with National Oil Corp. (NOC) of Libya in 2009 to take over a plant that makes ammonia and urea. NOC supplies it with natural gas. “The political and security situation in Libya has worsened rapidly and may deteriorate further over the next year,” the company says. Yara will continue to participate in the governance of Lifeco in the hope that it will one day resume full production.