Libya’s state National Oil Corporation (NOC) announced yesterday that it is proceeding with the exercise of its call option to purchase Trasta’s 50 percent interest in the Libyan Emirates Oil Refining Company (LERCO). The NOC said that this comes in accordance with the terms of the contract that governs the LERCO joint venture.
LERCO is the joint venture company formed with the NOC to operate the Ras Lanuf Refinery,
Trasta had sought to block NOC’s exercise of the call option through ICC arbitration proceedings, which have now concluded with the rendering of an award rejecting Trasta’s position and upholding NOC’s right to exercise the call option.
