Yara International, a Norwegian fertilizer company is considering building a $2 billion gas-fired plant in Mozambique. The chief executive said.
According to the CEO Svein Tore Holsether, The fertilizer producing company has been seeking to do business outside Europe and also considering acquiring assets in Africa.
“Africa is going to be our largest market at some point. I am just looking at the fundamentals– land availability, climate, water — tick all the boxes on that. I do believe the fundamentals are in place,” he said.
Yara International In January was awarded a project by Mozambique to make ammonia and urea from the country’s gas output, saying the firm could produce up to 1.3 million metric tons of fertilizers annually. However, there have been some hitches in since work began on the project. Said the CEO at a business summit in Oslo.
“The value of the project, if I use industry benchmarks, will be about $2 billion investment,” he said, adding that it was too early to say if Yara would develop the project alone.
“We are working on it and time will tell what the structure will be,” Holsether said.