Yara plans $2.5B gas-based fertilizer plant in Africa

|About: Yara International ASA ADR (YARIY)|By:, SA News Editor

Nitrogen fertilizer seller Yara International (OTCPK:YARIY) says it plans to build a $2.5B plant in west or east Africa once gas projects come onstream toward the end of the decade.

CEO Joergen Ole Haslestad says Yara has held initial talks with governments in countries such as Tanzania, Angola, Ghana, Nigeria and Mozambique about building a “considerable and world-class” urea factory to produce for African and foreign markets.

The CEO says Yara also plans to add to its existing seven African bagging and warehousing facilities by opening a $20M unit close to the harbor in Tanzania's capital Dar es Salaam, and plans a similar venture in Ghana once the economic situation improves in that country.