International Chamber of Commerce rules in favor of Libya's purchase of Trasta’s share in LERCO
The International Chamber of Commerce ruled that Libya has the right to purchase the UAE’s Trasta company's share in the Libyan Emirates Oil Refining Company (LERCO) after the Emirati company tried to hinder this purchase by filing a lawsuit.
The Libyan National Oil corporation (NOC) announced that it was proceeding with the exercise of its call option to purchase Trasta’s 50% interest in LERCO, the joint venture company formed to operate the Ras Lanuf Refinery, in accordance with the terms of the contract that governs the LERCO joint venture.
NOC added in a statement on Friday that 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.
The NOC previously won two arbitration cases at the International Chamber of Commerce lodged by Trasta in 2018 when requests of compensations worth 812 million dollars were rejected.