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 per annum. For further information, please contact: Thor Giæver, Investor Relations Telephone: (+47) 24 15 72 95 Cellular: (+47) 48 07 53 56 E-mail: firstname.lastname@example.org Esben Tuman, Corporate Communications Telephone: (+47) 24 15 70 26 Cellular: (+47) 905 08400 E-mail: email@example.com 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. www.yara.com 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 Reuters clients. 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 the information contained therein. Source: Yara International ASA via Thomson Reuters ONE HUG#1709340
Yara International ASA : Yara postpones Belle Plaine expansion project
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