YARIY Yara International ASA (PK)

    By Dominic Chopping 
 

Norwegian fertilizer producer Yara International ASA said Sunday that it has agreed to sell its 25% stake in joint-venture company Qatar Fertiliser Company to Qatar Petroleum for $1 billion.

Yara said that since the establishment of the Qatar Fertiliser Company joint venture in 1969, the company has become the world's largest single-site urea producer, representing a significant percentage of the world's traded supply.

Yara owned a 25% share in Qatar Fertiliser Company, with the remaining 75% share owned by Industries Qatar, which in turn is owned 51% by Qatar Petroleum.

The transaction is conditional on obtaining necessary local regulatory approvals and customary closing conditions.

Following closing of the transaction, Yara will evaluate potential extraordinary dividends and/or share buy-backs, in line with its policy of maintaining a mid to long-term net debt/Ebitda ratio in the range of 1.5-2.0.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 09, 2020 02:55 ET (06:55 GMT)

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