Yara International ASA : Yara postpones Belle Plaine expansion project
Oslo (2013-06-14): Yara International ASA is postponing the planned expansion
project at its production plant in Belle Plaine, Canada. Yara views the Belle
Plaine site as an optimal location for a future North American nitrogen
expansion, but will spend more time evaluating construction cost development
and other key project parameters.
"We are not ready to initiate a Belle Plaine expansion today, primarily due to
recent increases in construction cost both in Canada and North America
generally. There is also a significant risk of future nitrogen over-supply in
North America as new project initiatives are announced, despite deteriorating
project profitability," said Jørgen Ole Haslestad, President and Chief
Executive Officer of Yara International ASA.
"Yara's growth options remain significant, including a number of opportunities
for profitable investments in value-added product capacity, downstream
facilities and plant de-bottlenecking projects. We also expect to find
profitable commodity nitrogen growth opportunities going forward, and a future
Belle Plaine expansion remains an option for Yara when the construction cost
situation improves." said Jørgen Ole Haslestad.
The Yara Belle Plaine facility has a current production capacity of 0.7
million tons ammonia and 1.2 million tons urea and urea ammonium nitrate per
annum. The planned expansion project comprises an integrated world scale
ammonia and urea line with a urea capacity of approximately 1.3 million tons
For further information, please contact:
Thor Giæver, Investor Relations
Telephone: (+47) 24 15 72 95
Cellular: (+47) 48 07 53 56
Esben Tuman, Corporate Communications
Telephone: (+47) 24 15 70 26
Cellular: (+47) 905 08400
Yara delivers solutions for sustainable agriculture and the environment. Our
fertilizers and crop nutrition programs help produce the food required for the
growing world population. Our industrial products and solutions reduce
emissions, improve air quality and support safe and efficient operations.
Founded in Norway in 1905, Yara has a worldwide presence with sales to 150
countries. Safety is always our top priority.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Yara International ASA via Thomson Reuters ONE
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