Norway: Yara, a Norway-based company that produces chemicals and fertilizers, has pushed back the planned sale of its subsidiary Yara Clean Ammonia. During its annual capital markets day, the company disclosed that it had decided to postpone the sale of a minority shareholding in the clean Ammonia business. This was due to the fact that the portfolio's attractiveness exceeded its project valuation. Furthermore, Yara stated that it had planned for significant capital outlays beyond 2025.

According to Yara's CEO and president Svein Tore Holsether, the company is well-positioned for growth with regards to Yara Clean Ammonia. Currently, Yara boasts the top spot as the global midstream player within the Ammonia market. This success provides the company with a competitive edge in expanding its upstream business while increasing demand through new applications and implementing value chain integration to elevate the clean Ammonia industry.

Yara has restated its goal of becoming a leading global player in green, blue, and grey Ammonia. This announcement follows the recent signing of a memorandum of understanding (MoU) between Yara and Bunker Holdings, which revealed the value of the portfolio. The collaboration between the two companies aims to promote the use of green Ammonia as a shipping fuel.

In addition, the company plans to establish a new blue Hydrogen facility in the United States, choosing from two potential sites. This major project will take advantage of the Inflation Reduction Act (IRA), which offers subsidies and tax credits to renewable energy industries that establish operations within the country.

Holsether has expressed his views on the proposed plant, stating that the Inflation Reduction Act has made the US an ideal destination to produce decarbonised Ammonia. By exporting this Ammonia to the European market and utilizing Yara's versatile European production assets, the cost-effective decarbonization of fertilizer production is made possible.

According to the latest update in the capital markets presentation, the company highlighted that grey Ammonia would continue to be crucial for sustaining its Ammonia supply across multiple markets. This is because blue and green Ammonia are still not cost-competitive with the conventional dirty chemical in terms of production costs.

Yara is dedicated to expanding its expertise to feed the world and safeguard the planet in a responsible manner. To achieve our goal of eradicating hunger and preserving the planet, implementing a sustainable growth strategy that prioritizes eco-friendly crop nutrition and energy solutions with zero emissions. Efforts are focused on creating a food future that is nature-positive, adds value to our customers, shareholders, and society, and ensures a more sustainable food value chain.