Libya’s NOC says wins arbitration on Ras Lanuf refinery

TUNIS / Reuters

Libya’s National Oil Corp (NOC) said it had won two international arbitration cases over the 220,000 bpd-capacity Ras Lanuf refinery, and called for the refinery to restart as soon as possible. The NOC said in a statement that the arbitration cases, which date to 2013, had been settled in its favour at the International Chamber of Commerce in Paris.
The Ras Lanuf Oil and Gas Processing Company (RASCO), an NOC subsidiary, welcomed the announcement. The rulings “coincide with preparations by the Ras Lanuf company to resume operations in the second half of 2018”, a statement posted on a Facebook page used by the company said.
One of the cases had been brought by the Libyan Emirati Refining Company (LERCO), the owner and operator of the refin-
ery, and was decided on January 5, the NOC said. It said the ruling
had awarded the NOC nearly $116 million plus interest.