The National Oil Corporation has won another arbitration against the UAE Trasta Energy, winning the appeal to the Paris Court of Appeal, whose request was filed in February 2022.
The lawsuit, as reported by news website Africa Intelligence, concerned the control of the Ras Lanuf refinery, the main refining center of the country, located in the Gulf of Sirte.
NOC’s lawyer reported to the Libyan press the favorable sentence of the Paris Court, explaining that it is the result of an appeal to the previous sentence, which instead had favored the Emirate counterpart.
The appeal ruling, on the other hand, obliges Trasta to terminate the joint venture with NOC, the Libyan Emirates Oil Refining Company (LERCO), by transferring its 50 percent stake to NOC. At the same time, the ruling provides that Trasta will also cede its control over the Ras Lanuf refinery.