Milan-Saipem SpA, an Italian oil services company, said Feb. 14 that it plans to sell its 20 percent stake in FertiNitro, the Venezuela nitrogen manufacturer, in 2008. FertiNitro ranks as one of the world’s largest nitrogen plants, with nameplate daily production capacity of 3,600 mt of ammonia and 4,400 mt of urea. It is owned 35 percent by a Koch Industries Inc. subsidiary, 35 percent by Pequiven, a state-owned petrochemicals company, 20 percent by a Snamprogetti SpA subsidiary, and 10 percent by a Cerveceria Polar, C.A. subsidiary. Saipem bought Snamprogetti in 2006. Saipem said the sale would be part of its continuing plan to shed non-core assets.
Transparency Across the Fertilizer Value-Chain