Legal wins for NOC, but €24m battle continues

Libya’s National Oil Corporation (NOC) has secured a major legal victory after successfully overturning three international lawsuits filed by Swiss firms seeking to freeze its assets and shares, with claims amounting to €35 million.

In a statement issued on Wednesday, the state-owned oil firm confirmed that the Paris Court of Appeal had ruled in its favour on 13 March 2025. The rulings lifted precautionary asset freezes that had been imposed on the NOC’s shares in the France-based Mabrouk Company and on several bank accounts. The freezes were the result of arbitration awards previously granted by the International Chamber of Commerce (ICC) in favour of the Swiss companies in disputes with the Libyan state—not the NOC itself.

“These decisions reaffirm the independence of the National Oil Corporation and safeguard its operational assets abroad,” the statement read.

However, the NOC admitted to a legal setback in a separate case involving the Cypriot firm Olin. The company had obtained a €24.37 million arbitration award against Libya in 2018, and subsequently secured a precautionary seizure of NOC funds in France in November 2022.

Although the NOC contested the seizure, arguing it was not party to the original arbitration proceedings and should not be held liable, the Paris Court of Appeal ruled against the corporation on 19 June 2025. The court held that the NOC functions as an extension of the Libyan state and is therefore not immune from enforcement actions.

The NOC has since lodged an appeal with the French Court of Cassation—the country’s highest court—seeking to overturn the ruling.

“We remain fully committed to pursuing all available legal avenues to defend our assets,” the corporation stated, underlining that the contested ruling was based on a case in which it had no direct involvement.

The contrasting outcomes highlight the complex legal environment the NOC must navigate as it works to insulate itself from international disputes linked to Libya’s broader political and financial challenges.