Libya’s state oil company NOC said it has won two arbitration cases brought against it at a Paris court related to the Ras Lanuf Refinery and called for the refinery operator to restart it as soon as possible.
Libya’s state oil company NOC said it has won two arbitration cases brought against it at a Paris court related to the Ras Lanuf Refinery and called for the refinery operator to restart it as soon as possible.
The case brought by the Libyan Emirati Refining Company (LERCO), which owns and operates the refinery, and was decided on Jan. 5 by the International Chamber of Commerce in Paris, the National Oil Corporation (NOC) said in a statement.
After dismissing Lecro’s claim for damages valued at $812 million, the court awarded NOC approximately US$116 million plus interest as compensation for its counterclaims.
A second case was brought by Al Ghurair Investment Group-owned TRASTA, which co-owns LERCO with NOC. Last November, a court ruling forced the case to be withdrawn, the NOC said.
“NOC will now take all the necessary measures to ensure the enforcement of the award... and restart the refinery as soon as possible,” the NOC Chairman Mustafa Sanalla said in the statement.
“We ask TRASTA and LERCO to comply fully with their contractual obligations.”
Source: Pipeline ME
