Libya’s state-oil company The National Oil Corp. (NOC) said June 15 that it will resume gas supplies to the Libyan-Norwegian Fertilizer Co. (Lifeco), which is a nitrogen joint venture with Yara International ASA, Oslo. As a result, production should begin soon.
Netherlands-headquartered OCI N.V. (OCI) and The Abu Dhabi National Oil Co. (ADNOC) today announced a new strategic partnership. The partnership will see ADNOC combine its fertilizer business, ADNOC Fertilizers, into OCI’s Middle East and North Africa (MENA) nitrogen fertilizer platform to form a new joint venture.
The companies said the joint venture will become the largest export-focused nitrogen fertilizer platform globally and the largest producer in the MENA region with a production capacity of 5 million mt/y of urea and 1.5 million mt/y of sellable ammonia. Annual revenues for the combined entity are $1.74 billion, based on 2018 pro forma figures. ADNOC and OCI will own a 42 percent and 58 percent stake in the joint venture, respectively.
