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.
In the meantime, the embassies of France, Germany, Italy, the United Kingdom and the United States urged all actors to respect the unity, integrity, and independence and preserve the apolitical, technical nature of the Tripoli-based National Oil Corporation (NOC), whose continued, uninterrupted operations benefit all Libyans.
“We appreciate NOC’s commitment to improve financial transparency and we caution against acts that undermine the NOC, in line with multiple UN Security Council Resolutions, 2571 (2021), 2441 (2018), 2259 (2015), and 2146 (2014), and underscore the need to avoid such actions that may pose a threat to the peace, security and stability of Libya.” The statement said.
