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Tuesday, March 2, 2021
The National Oil Corporation announced that on February 23, 2021, the Paris Court of Appeal issued its judgment regarding the arbitration award issued on January 4, 2018 in the arbitration lawsuit filed according to the rules of the International Chamber of Commerce between the Libyan-Emirati Oil Refining Company (LERCO) and the Corporation regarding the Ras Lanuf refinery.
The judgment issued by the Paris court confirmed Lerco’s commitment to pay more than $115 million to the institution, in addition to interest.
With interest added up to February 28, 2021, the amount owed by Lerco exceeds $132 million.
The court also upheld the arbitral tribunal’s ruling that affirmed Lerco’s continued commitment to taking or paying crude oil and ordered Lerco to pay 100,000 euros of the corporation’s costs in the Paris court case.
On this occasion, Engineer Mustafa Sanallah, head of the National Oil Corporation, said, “The National Oil Corporation is the faithful guardian of the Libyan oil wealth, and it has not and will not hesitate to defend and protect it.”
The Foundation will take all necessary steps to implement its rights in accordance with the arbitration award and the judgment issued by the Paris Court.
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