Today, Monday, Paris Court of Appeal issued a ruling in favor of the National Oil Corporation against the Emirati energy company, Trasta, granting it full control of the Ras Lanuf refinery.
The ruling obliges Trasta to pay approximately $115 million in unpaid fees to the institution after it won a case on May 23 against Trasta, and the court rejected the latter’s request to cancel the case.
The site confirmed the possibility of the Corporation proceeding again with the evaluation of “Trasta” shares, indicating that the Oil Corporation intended to authorize the International Chamber of Commerce to acquire “Trasta” shares in “Lerco”, and it brought an expert to do so.
According to the site, the two companies were part of the consortium of the Libyan-Emirates Oil Refining Company “Lerco”, which was established in 2008 to operate the Ras Lanuf refinery, before it faced difficulties after the revolution and closed its doors after two years.
Adapted from Africa Intelligence