Hydro to withdraw from the HAJ project

Hydro has decided to withdraw from the Hydro Agri Jordan (HAJ) project.

Norsk Hydro ASA (Hydro), the oil and energy, light metals and agri group, has decided to discontinue its participation in the further development of the HAJ project, a joint venture between Hydro and Jordan Phosphate Mines Company Limited (JPMC).

Over the last three years, detailed plans have been developed by HAJ to invest in large phosphoric acid and complex fertilizer production facilities in Jordan. In December 1999, Hydro informed that the company would decide on its participation in the project within the next 12 month period.The reason for Hydro’s negative decision now is that higher priority has been given to other investment opportunities within its core business areas.

During the development of the project, Hydro has enjoyed a professional and equitable co-operation with JPMC, as well as the positive interest and good will of, amongst others, the Jordanian authorities, the selected EPC contractor and potential senior lenders. Hydro and JPMC will continue to look for joint business opportunities within the fertilizer segment.