The Supreme Court of Paris issued a final ruling rejecting all demands of the Emirati partner for compensation of approximately $1 billion from the National Oil Corporation. The court also ordered LERCO to pay National Oil Corporation around $140 million for past oil invoices that LERCO refused to settle.
Former Chairman of the National Oil Corporation, Mustafa Sanallah, stated that this final ruling confirms the arbitration ruling issued in January 2018 and the Paris Court of Appeals ruling in February 2021 in the “LERCO No. 1” case. This unappealable ruling affirms the justice of the National Oil Corporation’s position and the illegitimacy of the claims made by the Emirati partner.