After the ruling of the International Chamber of Commerce: The Oil Corporation exercises its right to purchase the share of Trasta Company in the Libyan-Emirati Oil Refining Company.
Pulbished on:
Tripoli, February 26, 2022 (LANA) - The National Oil Corporation (NOC) won the case filed by it before the International Chamber of Commerce over its eligibility to purchase the share of Trasta Company in the Libyan-Emirati Oil Refining Company formed to operate the Ras Lanuf refinery.
After the issuance of a ruling rejecting TRASTA's attempts and supporting the NOC's right to buy TRASTA's share, the National Oil Corporation announced its resumption of exercising its right to purchase TRASTA's 50 percent stake in LERCO.
The Corporation clarified according to the terms of the agreement regulating the joint company formed to operate the Ras Lanuf Refinery (Lerco), that the Company (Trusta) attempted to obstruct the Corporation’s exercise of its right to purchase its share in an arbitration case before the International Chamber of Commerce, which ended with the issuance of a judgment rejecting Trasta’s attempts and supporting the Corporation’s right to buy a share Trust.
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