The National Oil Corporation (NOC) confirmed on Monday in a statement that it had acquired 50% of the Norwegian company Yara's share in the Libyan-Norwegian Fertilizer Company.
The NOC reiterated that the deal was signed following extensive negotiations between concerned parties and obtaining the necessary approvals, according to the legislation in force.
According to this acquisition, the ownership of the ammonia and urea plants has been returned in full to the Libyan state with 75% to the National Oil Corporation and 25% to the Libyan Investment Authority, as said by the NOC.
The state-owned oil firm expressed appreciation for Yara company for its "cooperation" that lead to closing the deal in a "friendly manner" as it put it.
The deal will enable the Libyan party to restart the plants and conduct necessary maintenance and works and would guarantee the payment of salaries to employees, according to the NOC.