Yara employee put in charge at Burrup

Oslo, Norway-Yara International ASA reported Dec. 17 that its chief financial officer in Asia, Rao Narsimha, was appointed interim managing director of Burrup Fertilisers Ltd. (BFL), replacing Pankaj Oswal. In addition, it said the main financier of BFL has appointed receivers and managers to oversee BFL. The company said receivers and managers have also been appointed over certain shares owned by Pankaj Oswal and Radhika Oswal. These appointments follow default by the company and its financial guarantors, Pankaj Oswal and Radhika Oswal. Yara owns 35 percent of Burrup Holdings Ltd. (BHL). Yara said receivers and managers have not been appointed over any of the shares in BHL owned by Yara. BFL owns and operates an ammonia plant located at the Burrup Peninsula in Western Australia with an annual production capacity of approximately 850,000 mt. Yara says the plant has a strong competitive position, and that it will continue to responsively protect its interest as a direct and indirect shareholder in BHL and BFL. Yara said the appointed receivers and managers have stated it will be business as usual while the business is stabilized, and that it appears that the business is solvent and is expected to trade profitably.