Libya’s oil company wins arbitration cases over Ras Lanuf refinery
The Libyan National Oil Corporation (NOC) said it had won two international arbitration cases over Ras Lanuf refinery, and called for the refinery to restart as soon as possible.
“The arbitration cases, which date to 2013, had been settled in its favor at the International Chamber of Commerce in Paris.” The NOC announced in a statement on its website on Wednesday.
The Ras Lanuf Oil and Gas Processing Company (RASCO), an NOC subsidiary, welcomed the announcement. The rulings “coincide with preparations by the Ras Lanuf company to resume operations in the second half of 2018”, a statement posted on a Facebook page used by the company said.
“One of the cases had been brought by the Libyan Emirati Refining Company (LERCO), the owner and operator of the refinery, and was decided on Jan. 5, the NOC said. It said the ruling had awarded the NOC nearly $116 million plus interest.” The statement reads.
The NOC also explained that the second case had been brought by TRASTA, owned by Emirati group Al Ghurair, and a ruling last November forced TRASTA to withdraw its case, the NOC said. LERCO is a joint venture between the NOC and TRASTA.
Mustafa Sanallah – the Chairman of the NOC – said “from now the NOC will be engaged in taking the necessary measures to implement the final arbitration ruling and restart the refinery as soon as possible.”
“We ask TRASTA and LERCO to comply fully with their contractual obligations.” He demanded.