The National Oil Corporation (NOC) has proposed a $150 million offer to acquire the shares held by UAE-based Trasta Energy in the consortium they jointly operate within the Libyan-Emirati oil refining company, Lerco, according to Africa Intelligence.
Both the NOC and Trasta own 50% stakes in Lerco. The new offer is seen as a counterproposal following months of negotiations between the two parties.
The NOC had previously rejected Trasta's earlier offer to sell its shares for $173.5 million, arguing that the price was too high given the reported decline in the value of the Ras Lanuf refinery, Africa Intelligence reported.
The report also noted that Trasta proposed replacing itself within Lerco with another company, whose identity remains undisclosed. However, the NOC opposed the proposal, citing its objection to any change in shareholders while ongoing legal disputes between the two sides remain unresolved.
