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NOC and partners secure LifeCo’s future
National Oil Corporation (NOC) confirms the restoration of natural gas supply to the Libya Norwegian Fertiliser Company (LifeCo), with factory operations expected to restart shortly.
Following discussions led by NOC’s chairman, Eng. Mustafa Sanalla, a breakthrough agreement was reached between NOC and LifeCo’s shareholders, the Libyan Investment Authority (LIA), and Yara International ASA (Yara), at a meeting on June 13, 2019, to discuss current challenges facing the joint-venture.
LifeCo shareholders have agreed on a number of measures to restore operational continuity and protect jobs, including the restoration of gas supply and NOC assuming control of the marketing of ammonia and urea fertiliser products.
Mr Sanalla commented: “this breakthrough agreement will protect the interests of the Libyan state as well as the jobs of LifeCo employees. NOC will use all of its talents and experience to market these products and restore the company’s financial security.”
LifeCo is a joint venture enterprise formed in 2009. Yara holds 50% of the shareholding, with both NOC and the LIA each possessing a 25% stake.
