No Result
View All Result
Sunday, July 20, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

NOC wins arbitration case against Emiratis

bySami Zaptia
January 13, 2018
Reading Time: 2 mins read
A A

By Libya Herald reporter,

NOC wins arbitration case against Emirati LERCO and TRESTA.
NOC wins arbitration case against Emirati LERCO and TRASTA.

Tunis, 13 January 2018:

Libya’s National Oil Corporation (NOC) announce the successful conclusion of arbitration brought against it in front of the ICC Court in Paris by Trasta Energy Limited, a subsidiary of the Emirati Al Ghurair Investment Group (“Trasta”) and the Libyan Emirati Refining Company (LERCO), the company which owns and operates the Ras Lanuf Refinery which is a joint venture between the NOC and Trasta.

Mustafa Sanalla, Chairman of the the NOC said, the “NOC is the trusted guardian of Libyan oil wealth. We will make every effort to defend that wealth. We stress the importance of LERCO re-starting operations in Ras Lanuf Oil Refinery as soon as possible.”

Trasta and Lerco commenced the arbitration proceedings against the NOC in late 2013 and it has taken the two cases’ tribunals over three years to decide on the dispute and issue final rulings. On 5 January 2018, the ICC Tribunal hearing the Lerco/ NOC case dismissed all Lerco damage claims against the NOC which amounted to the total of US$ 812 million. The tribunal awarded NOC compensation for its counterclaims of US$ 116 million plus interest.

RELATED POSTS

Libyan state successful in two € 30 million court cases- against three Swiss companies and a Tunisian company

Aldabaiba proposes new Road Map for holding elections, loans and land for youth and money for healthcare for war wounded

This award follows a decision issued last November in the case brought against NOC by Trasta, in which a separate ICC tribunal pronounced that Trasta was not entitled to any of its claims totalling more than US$ 100 million pursuant to the Shareholders Agreement signed between NOC and Trasta. This pronouncement forced Trasta to withdraw all its claims thereafter.

Both these awards constitute victories for NOC against its litigants and reflect the strength of the NOC’s arguments and legal grounds by which NOC refuted the litigants’ claims or reinforced its counterclaims.

NOC potential losses are estimated at more than US$ 10 billion had the Lerco claims been accepted and the contract relationship with Al Ghurair Group continued on the basis as demanded by Lerco for the contract period agreed upon in the FSA.

The “NOC will now take all necessary steps and procedures to ensure the enforcement of the award issued in the Lerco case by the Arbitration Tribunal on 05 January 2018. Trasta and Lerco are requested to fully comply with the implementation of their contractual obligations.”, Sanalla added.

Tags: arbitrationfeaturedICC Court ParislercoNOCRas Lanuf RefineryTRASTA

Related Posts

Economy Minister Hwej reviews his ministry’s implementation of its 2023 plan and issues several directives
Business

e-Trade Portal System (PTS) launched at Khoms Port

July 20, 2025
Tax system reform forum makes 11 main recommendations
Business

Tax Authority holds symposium entitled “Tax on e-Commerce”

July 17, 2025
Libyan Ports fees increased by 235 percent to reflect dinar devaluation
Business

Libyan Ports Company signs contract in Germany for 154-ton Liebherr container crane for Khoms Port

July 17, 2025
CBL receives results from meetings with international banks
Business

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

July 16, 2025
CBL temporarily suspends chairman and directors of ATIB
Business

Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

July 16, 2025
Twenty-three dead and 106 injured in Tripoli’s security forces clashes
Business

After signing agreement in April with Georgetown University, the first emergency response training programme is launched in DC: EMSC

July 16, 2025
Next Post

Armed group attack PC defence minister’s house

EU to support in upgrading role of Libyan Chambers of Commerce

EU to support in upgrading role of Libyan Chambers of Commerce

ADVERTISEMENT

Top Stories

  • Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop

    China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

    0 shares
    Share 0 Tweet 0
  • Libya and Nigeria discuss gas projects, extension of export pipelines to Europe and high-level delegation visit to Tripoli

    0 shares
    Share 0 Tweet 0
  • Tripoli based Libyan government plans to complete 150,000 housing units by 2030

    0 shares
    Share 0 Tweet 0
  • Libyan Ports Company signs contract in Germany for 154-ton Liebherr container crane for Khoms Port

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Office of Prosecutor of International Criminal Court welcomes Germany’s arrest of Libyan suspect

e-Trade Portal System (PTS) launched at Khoms Port

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.