French court awards NOC 132 million dollars in a case against Emirati LERCO

News

Posted – 07th March 2021

The Paris Court of Appeals announced that Libya’s National Oil Corporation (NOC) is the winner of an arbitration case against the Libyan Emirates Oil Refining Company (LERCO) in regards to the Ras Lanuf Refinery.

In an official statement on their website, the NOC said that the Paris Court of appeals has awarded them over 115 million US dollars plus interest, which accumulates to over 132 million dollars.

The court also upheld the 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.

Chairman of the NOC, Mustafa Sanalla commented on the case by reaffirming that the NOC is the trusted guardian of Libya’s oil wealth and will do everything in its power to protect the Libyan people’s oil and gas wealth.

The NOC said that that it will take all the necessary legal steps to enforce the court’s decision and obtain the awarded amount.

LIBYA EXPRESS

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https://www.libyaconsultancy.com/news/detailed-guide-to-registering-a-company-in-libya/

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