Agrium denies news story on Vietnam project.

CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 28, 1996-- Agrium( TSE, NYSE: AGU. ) Agrium Inc. today denied a story, carried recently in several business news media, that it has made a commitment to build a nitrogen fertilizer production facility in Vietnam.

"Although we have confirmed for some time that preliminary discussions are taking place at the operational level, neither our management nor our Board has had the opportunity to formally consider proceeding beyond an as-yet incomplete feasibility study on this project," said John M. Van Brunt, Agrium President and CEO. "This is just one of a number of opportunities which Agrium regularly assesses on a confidential basis. Statements in the articles are inaccurate, and were issued without our concurrence or consent. We regret the uncertainty this has generated in the investment community."

Agrium, with headquarters in Calgary, Alberta, is a producer, wholesale distributor and retail marketer of nitrogen, potash and phosphate fertilizers, related products and services to the global agricultural industry.

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Agrium Inc.

Dick Nichols, 403/258-5746

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