Libya’s National Oil Corporation (NOC) has regained complete control of the strategically vital Ras Lanuf Refinery, ending more than a decade of international legal disputes with Emirati partner Trasta Company of the Libyan Emirati Refinery Company (LERCO) joint venture. NOC Chairman Masoud Suleiman formally signed the final agreement, which terminates the partnership and transfers Trasta’s shares entirely back to the Libyan state — an outcome the NOC described as one of the most significant transformations in the country’s oil sector since 2011.
The agreement closes what officials called one of the most complex files in Libya’s oil and gas industry, returning one of the country’s most important refining and petrochemical assets to full Libyan management. The deal has paved the way for a new phase of rehabilitation, operational restructuring, and long-term development of the Ras Lanuf complex, which sits at the heart of Libya’s downstream infrastructure on the Gulf of Sidra.
“This agreement officially ends the foreign partnership within LERCO and paves the way for the restructuring and operation of the Ras Lanuf complex under full Libyan management,” the NOC Chairman said, praising the negotiating team and the corporation’s legal and technical departments for their persistence throughout years of arbitration proceedings.
The Ras Lanuf complex, which includes refining and petrochemical facilities, has historically been one of Libya’s most important industrial assets. Its return to full sovereign control is expected to accelerate investment in refinery rehabilitation and restore the site’s position as a leading refining and petrochemicals centre in the region.
Source: libyaherald.com