Norwegian chemical company Yara has sold its marine technology business Yara Marine Technologies to Okapi Supply Trading Advisory, a part of the Swiss-African Okapi Energy Group.
Financial details of the deal have not been confirmed.
Yara offloaded Yara Marine Technologies as part of the company’s revised strategy to focus on its core businesses in the sustainable food and clean ammonia markets.
“I’m pleased to welcome Yara Marine Technologies into the Okapi family. Their wide portfolio of innovative solutions showcases a variety of approaches and stackable alternatives that can serve as immediate options when addressing our industry’s emissions challenges,” said Mohamed Ndao, CEO of Okapi Supply Trading Advisory.
“This aligns closely with our ambition to offer our customers easier pathways towards greening their operations. This union is an exciting new chapter, and I look forward to working together to create positive change for the marine environment and the maritime industry.”
Okapi Energy Group primarily operates in West Africa, specialising in oil trading and supply chain management.
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Yara grabbed headlines in the maritime world in 2022, when the Yara Birkeland, the first fully electric, completely autonomous cargo ship, completed its maiden voyage.
Customers with previously acquired products from Yara Marine Technologies will continue to be supported by lifecycle services, the company confirmed.
“We are happy to have found a new owner that has a strong interest in developing the company further,” said Magnus Ankarstrand, EVP of Corporate Development at Yara.
“Yara Marine Technologies has been a valuable part of Yara for 10 years. However, as Yara’s strategy is to focus its investments on the core business of sustainable food solutions and clean ammonia, a divestment of Yara Marine Technologies was a natural step.”
Last year, Yara announced it was delaying the sale of its clean ammonia company due to “a rise in the attractiveness of the business’ portfolio beyond its market value”.