The Board of Yara International ASA has approved an investment of $350 million to increase value-added fertilizer capacity in the Porsgrunn plant in Norway.

The investment, will add 50 kilotons of compound NPK annual capacity and 200 kilotons of calcium nitrate annual capacity. In addition, the investment will enable optimization of production in Yara's Glomfjord and Uusikaupunki sites, adding a further 150 kilotons of annual NPK capacity.

NPK and calcium nitrate are key value-added fertilizers in Yara's product portfolio, which benefit cash crops in particular.

"This investment confirms Yara's ambition to create value through brownfield expansions and debottlenecking projects. Furthermore it strengthens our position as the global NPK leader and shows our dedication to provide farmers with premium products and agronomic competence to increase agricultural productivity" says Torgeir Kvidal, Acting CEO and President of Yara.

The project includes a new-build nitric acid plant and innovative technology application, which further bring down greenhouse gas emissions, improve energy efficiency and reduce waste.
Construction will start immediately and the expansion is expected to be finalized in 2017.