Yara International ASA, Oslo, is looking to expand its business in Qatar to counter a plan by Abu Dhabi National Oil Co. and OCI NV to merge their Middle East fertilizer operations and create a $7 billion regional champion, according to a Bloomberg report. Yara will work with partners Qatar Fertiliser Co. (QAFCO) on boosting production to meet growing demand, CEO Svein Holsether said in an interview at Yara’s Capital Markets Day in London June 26. Yara has a 25 percent stake in QAFCO, set up by the Qatari government to make use of the nation’s vast gas reserves.
Yara International ASA, at its Capital Markets Day in London today, announced it is evaluating an IPO of its industrial nitrogen businesses. As part of the evaluation process, the business units Mining Applications (TAN), Transport Reagents and Industrial Nitrates will effective July 1, 2019 be organized in a separate entity. Yves Bonte, previously EVP New Business, will take up the role as CEO of this entity. The conclusion of a final IPO scope is expected early 2020.
“This would create significant growth opportunities, strategic focus and flexibility, for both a carved out business and for Yara. A new ownership structure would allow these businesses to continue to thrive and grow profitably, while continuing to provide healthy returns to Yara,” said Yara International President & CEO, Svein Tore Holsether.
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