Norwegian fertiliser company Yara International has bought out its joint venture partner Apache Corporation’s stake in a fertiliser plant in Western Australia's Pilbara region.
As the West Australian reports, Yara International now owns a 100 per cent stake in Yara Pilbara Holdings. Yara Pilbara owns the 850,000 tonnes a year ammonia plant and also a stake in an ammonium nitrate plant which will soon begin production.
“We are pleased to secure full ownership of the Pilbara ammonia plant, which is the largest and mode modern ammonia plant in Yara’s portfolio,” Yara chief executive Svein Tore Holsether said.
“The Pilbara assets are already operated by Yara, and therefore require limited efforts to fully integrate. The investment will also yield synergies within governance and tax structure.”
As the AFR reports, the deal completes Apache’s $US6 billion exit from Australia. The company has already sold its Australian LNG interests to Woodside Petroleum for $US3.75 billion and its gas assets to Brookfield Asset Management and Macquarie Capital for $US1.9 billion.