Libya’s National Oil Corp (NOC) said that a Paris court of appeal had upheld an award by a court of arbitration against Libyan Emirates Oil Refining Company (LERCO) regarding the Ras Lanuf refinery in Libya.
NOC said on its Facebook page that the appeals court had confirmed that LERCO must pay NOC over $115 million plus interest. It said this came to $132 million, as of Feb. 28.
“NOC will take all necessary steps to enforce its rights under the award and the court’s decision,” it added.
LERCO is a joint venture between the NOC and TRASTA, a subsidiary of the Emirati group Al Ghurair, which operates the 200,000 barrels-per-day refinery at Ras Lanuf.
The appeal in question relates to a 2018 arbitration tribunal ruling in a long-running legal dispute concerning a number of complex claims that led to the refinery closing in 2013.
Main Photo: EPA/MOHAMED MESSARA
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