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Yara International ASA (OSL:YAR) Oslo (2008-09-16): Yara International ASA has agreed with Mr. Pankaj Oswal to buy from him a 5 percent ownership in Burrup Holdings Ltd (BHL) for USD 141 million.
Yara International ASA will after the transaction own 35% of BHL and Mr. Pankaj Oswal will have an ownership of 65%.
"The purchase increases Yara's position in a low-cost gas area. It also strengthens Yara's contractual rights to downstream upgrading and marketing from BHL in an interesting market for both our industrial and fertilizer products", says Thorleif Enger, President and CEO of Yara International ASA.
"The purchase price by Yara illustrates the leading position that BHL holds in the global ammonia market and the value of the growth opportunities being executed by the company. This transaction provides a benchmark for the floor price and underpins the IPO valuation of the company", says Mr. Pankaj Oswal.
BHPL owns and operates an ammonia plant located at the Burrup Peninsula in Western Australia with an annual production capacity of approximately 850,000 tones of liquid ammonia. Yara and BHL are also continuing to progress the ammonium nitrate expansion project adjacent to the existing ammonia plant.
Yara International ASA is a leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry. www.yara.com
