Yara International
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| Type | Allmennaksjeselskap |
|---|---|
| Traded as | OSE: YAR |
| Industry | Chemicals |
| Founded | 1905 |
| Headquarters | Oslo, Norway |
| Key people | Jørgen Ole Haslestad (President and CEO), Øivind Lund (Chairman) |
| Products | Nitrogen fertilizers, nitrates |
| Revenue | NOK 65.37 billion (2010)[1] |
| Operating income | NOK 12.80 billion (2010)[1] |
| Profit | NOK 8.729 billion (2010)[1] |
| Total assets | NOK 65.46 billion (end 2010)[1] |
| Total equity | NOK 35.33 billion (end 2010)[1] |
| Employees | 7,348 (end 2010)[1] |
| Website | www.yara.com |
Yara International ASA is a Norwegian-based chemical company. Its largest business area is the production of nitrogen fertilizer,[2][3] however it also encompasses the production of dry ice, nitrates, ammonia, urea and other nitrogen-based chemicals.
The company was established as Norsk Hydro – the world’s first producer of mineral nitrogen fertilizers – in 1905 and demerged as Yara International ASA on March 25, 2004. Yara is listed on the Oslo Stock Exchange and has its headquarters in Oslo. The company has about 7,300 employees, with operations in more than 50 countries and sales to over 120.[4]
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[edit] History
Yara’s history began over a hundred years ago, when Norsk Hydro was founded by industrialists Sam Eyde, Kristian Birkeland and Marcus Wallenberg. Norsk Hydro used Norway’s large hydroelectric-energy resources to produce its first product, mineral fertilizer. The company pioneered direct nitrogen fixation, called the Birkeland-Eyde Process.[citation needed] This contribution to the fertilizer market attracted global attention as the product enabled farmers to boost their yields.
Norsk Hydro was founded on advanced research. This work was driven by a need to diversify and develop new industries. Even though the production of mineral fertilizer was successful, the company expanded into other businesses, from fertilizers to oil and metals.
The company adopted an international perspective early, sending its first shipment to China in 1913. In 1969, Norsk Hydro entered its first joint venture, with authorities in Qatar. With access to a competitive source of gas and a strategic location in the Middle East, the joint venture opened up a global market for the company.
By the 1970s, the company was established in Asia, the Middle East and North America. The late 1970s to the mid-1980s was a period of rapid growth, through the acquisition of major fertilizer companies in France, Germany, Holland and the UK. At the end of the 1990s, the company was also established in Brazil and South Africa.
In 2004, Hydro Agri demerged from Norsk Hydro and became an independent company called Yara International ASA. The company was listed on the Oslo Stock Exchange on March 25, 2004.
Since then, Yara has continued to expand its global presence through investments in other countries, such as Canada, Libya, Australia and Switzerland. The company is currently the world's leading provider of mineral fertilizer, with operations in more than 50 countries spread over six continents.
[edit] Acquisitions, joint ventures and expansions
- Thirty percent of the Russian fertilizer producer OAO Minudobreniya ("Rossosh"), was bought in February 2005.[5]
- An ammonia plant at Burrup, Australia, opened in April 2006. Yara presently holds a 35 percent stake and is involved in litigation with the other share-holder, Pankaj Oswal.
- In July 2006, Yara bought a controlling interest in the Brazilian fertilizer distribution and marketing company Fertibras.[6]
- In September 2006, Yara bought 50 percent of the Geneva-based trading company Balderton Fertilisers SA.
- In May 2007, Yara bought 30.05 percent of Finnish fertilizer company Kemira GrowHow and successfully tendered an offer to buy the rest.[7]
- In July 2008, Yara entered into an agreement to acquire Canadian nitrogen producer SaskFerco, completing the deal in October 2008. After this, the fertilizer plant located in Belle Plaine commenced to operate as Yara Belle Plaine Inc.[8]
- Fifty percent of a fertiliser factory in Brega, is owned by Yara as a result of buying a 50 percent stake in Libyan Norwegian Fertiliser Company (LIFECO).[9] (Co-owners of LIFECO, are National Oil Corporation of Libya (NOC) and Libyan Investment Authority (LIA) — each with 25 percent shares.[9])
- Construction of new Urea7 factory at Sluiskil, Netherlands, started in September 2009
- In October 2009, Qafco, in which Yara has 25 percent equity interest, signed a letter of intent for construction of Qafco-6 expansion project. The project includes the construction of a urea plant with a total daily production capacity of 3,850 tons.[10]
- In January 2010, Yara acquired the remaining 50 percent of Balderton Fertilisers.[11]
Libyan Norwegian Fertiliser Company B.V.,[12] registered in the Netherlands, is co-owned by "Libyan partners" ... with close ties to Muammar Gaddafi and his clan" (and Yara) according to Dagens Næringsliv.[13] Authorities have frozen the joint venture's bank accounts, in the Netherlands.[14]
[edit]
Norwegian authorities were informed by the company in 2011, that the company might have been involved in corruption in advance of negotiations in 2008 (that led to to an investment of 1.5 billion Norwegian kroner in a 50 percent share of Libyan Norwegian Fertiliser Company,[15] or LIFECO, in 2009).[16]
[edit] Timeline
- That Norsk Hydro (Yara's previous name) had been involved in possible corruption in the early 2000's, was released (by StatoilHydro) to the press (on the same day that StatoilHydro was formed), October 01, 2007. A payment of 60 million Norwegian kroner to a Libyan pilot's company, Vexol,[17] in South Africa, during the (previous) international boycott of Libya, was discovered by Statoil[18] during a due diligence, and it resulted in the resignation of StatoilHydro's head, E.F.Reiten, on October 4, 2007. (The pilot, was an agent belonging to a Libyan intelligence agency, according to Dagens Næringsliv.[19])
- T. Enger was informed by T. Holba about "possible corruption"(mulig korrupsjon)in 2008 (according to Dagens Næringsliv in 2011).[16]
- J.O. Haslestad was informed by T. Holba about "possible corruption"(mulig korrupsjon)in autumn of 2008 (according to Dagens Næringsliv in 2011).[16]
- A statement (byYara) about their becoming aware in 2008 of a case of corruption, was released to the press on April 13, 2011.[20] ( An e-mail with 17 questions was sent by Dagens Næringsliv (to Yara), "one and half week in advance".[14])
[edit]
A prosecuting authority (Økokrim) formally charged the company in 2011, in relation to alleged corruption involving India.[21]
[edit] References
- ^ a b c d e f "Annual Report 2010". Yara International. http://www.yara.com/doc/33882_Financial%20Report%202010.pdf. Retrieved 16 April 2011.
- ^ "Mergers in the fertiliser industry". The Economist. 18 February 2010. http://www.economist.com/businessfinance/displaystory.cfm?story_id=15549105. Retrieved 21 February 2010.
- ^ Stigset, Marianne (15 July 2008). "Yara Quarterly Profit Gains Threefold; Buys Plant". Bloomberg. http://www.bloomberg.com/apps/news?pid=20601082&sid=aMuZb_eEC0KU&refer=canada. Retrieved 2009-03-25.
- ^ "Yara´s website". http://www.yara.com.
- ^ "Yara acquires the minority stake in Russian fertiliser plant". Gasworld.com. February 10, 2005. http://www.gasworld.com/news.php?a=40.
- ^ "Timeline: Fertilizer maker Yara's ambitious expansion". Reuters. February 16, 2010. http://in.reuters.com/article/idINTRE61E3H220100216.
- ^ "2007:Yara announces Kemira GrowHow takeover". Yara's website. 2007. http://www.yara.com/about/history/2006-2007/kemira_growhow_takeover.aspx.
- ^ "Sale of Saskferco is finalized (press release)". Government of Saskatchewan. October 1, 2008. http://www.gov.sk.ca/news?newsId=a200a881-a02c-4671-9023-f01d7af514e2.
- ^ a b "Yara completes $225 mln Libya fertiliser deal". Reuters. February 9, 2009. http://www.reuters.com/article/idUSL938482020090209.
- ^ "Yara JV Qafco signs letter of intent for expansion". Yara.com. http://cws.huginonline.com/Y/134793/PR/200910/1346829_5.html.
- ^ "Yara acquires remaining 50% of Balderton Fertiliser (press release)". Cisionwire. January 28, 2010. http://www.cisionwire.com/ext/yara-international-asa/yara-acquires-remaining-50--of-balderton-fertiliser.
- ^ http://nos.nl/artikel/229513-nederland-bevriest-libische-tegoeden.html
- ^ Dagens Næringsliv, DN Magasinet, 2011-04-16, p.53: "Det har opprettet et selskap i Nederland sammen med libyske partnere som skulle vise seg å ha tette forbindelser til Muammar Gadaffi og hans klan."
- ^ a b Dagens Næringsliv, DN Magasinet, 2011-04-16, p.53
- ^ "Yara completes $225 mln Libya fertiliser deal". Reuters. February 9, 2009. http://www.reuters.com/article/2009/02/09/yara-libya-idUSL938482020090209.
- ^ a b c Dagens Næringsliv, 2011-04-16, p.4
- ^ http://e24.no/lov-og-rett/visste-alt/2696508
- ^ Dagens Næringsliv, DN Magasinet, 2011-04-16, p.57
- ^ Dagens Næringsliv, DN Magasinet,2011-12-31 and 2011-04-16, p.57: "Abdurrazag Gammudi mottok 60 millioner fra Hydro for konsulenttjenester." and "Nyttårsaften 2007 skrev DN at Gammudi var agent i ordets riktige forstand — i den libyske sikkerhetstjenesten — under dens beryktede daværende leder Moussa Koussa."
- ^ Dagens Næringsliv, DN Magasinet, 2011-04-16, p.60
- ^ http://www.dagbladet.no/2011/05/12/nyheter/libya/yara/korrupsjon/okokrim/16504775/
[edit] External links
Media related to Yara at Wikimedia Commons
Coordinates: 59°54′52.70″N 10°42′54.15″E / 59.914639°N 10.7150417°E
