NOC wins Ras Lanuf Refinery case against LERCO
The National Oil Corporation (NOC) has won the case against the Libyan-Emirati Oil Refining Company (LERCO) with respect to the Ras Lanuf Refinery dispute.
The legal dispute concerns the arbitral award that was issued in this regard, on January 4, 2018, in an ICC arbitration between LERCO and NOC.
The Paris Court of Appeal ruled that LERCO is to pay the NOC over $ 115 million, plus benefits, according to a statement by the NOC on Sunday.
The statement clarified that the full amount, including the benefits accrued until February 28, 2021, owed by LERCO to the NOC, exceeds 132 million US dollars.
The court also upheld the arbitral tribunal’s decision confirming LERCO’s ongoing contractual take-or-pay obligation and ordered LERCO to pay 100,000 euros in costs of the Paris court proceeding.