Libya's state oil firm wins two rulings, calls for reopening Ras Lanuf refinery

Libya's state oil firm wins two rulings, calls for reopening Ras Lanuf refinery

January 07, 2018 - 22:17
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Written by: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) has won two court rulings in arbitration cases, which date to 2013, and had been settled in its favor at the International Chamber of Commerce in Paris against the Libyan Emirati Refining Company (LERCO) - the owner and operator of the refinery - and TRASTA, owned by Emirati group Al Ghurair.

"The rulings cannot be challenged and they are a victory to the NOC, which provided the needed evidence to outline the fallacy of the cases of the opponents." The NOC said in a statement on Saturday.

According to the NOC, the arbitration cases took over three years before the rulings gave the Libyan oil firm the upper hand on January 05, 2018, ruling that there will be no compensations for LERCO (It asked for 812 million dollars), saying, on the contrary, the NOC shall receive 116 million dollars plus interest.

This comes after the November 2017 ruling that said TRASTA had no right to receive any of its demands of the NOC (over 100 million dollars) based on the agreement of "sharers" that is signed between the two firms.

The NOC reaffirmed that it is vital that LERCO starts working on reopening Ras Lanuf refinery as soon as possible, asking both LERCO and TRASTA to comply fully with their contractual obligations.

"Libya could have lost over 10 billion dollars if the two cases were lost." The NOC's statement concludes.