Libya’s National Oil Corporation (NOC) has announced a major legal victory after the Paris Court of Appeal ruled in its favour, dismissing three lawsuits filed by Swiss companies seeking to seize its assets worth €35 million. The ruling, issued on 13 March 2025, nullified all precautionary seizures placed on NOC accounts and properties in France.
In a statement released on Wednesday, NOC confirmed that the dispute involved Sysmed Travel, Jallouli Communications Group Easy Media, and Hopital de la Tour. These companies had attempted to enforce international arbitration awards against the Libyan state by freezing NOC’s assets, including shares in Al-Mabrouk Oil Operations and certain bank accounts.
“This ruling underscores our determination to defend Libya’s national resources and protect the corporation’s assets from unlawful claims,” NOC said in its statement.
However, NOC acknowledged a setback in a separate arbitration case against the Cypriot company Olin. The company secured a €24.37 million award against the Libyan state in August 2018 and later obtained a court order to seize NOC funds in France on 10 November 2022.
NOC sought to lift this seizure through French courts, but the Paris Court of Appeal rejected its request on 19 June 2025. The court ruled that NOC, as an extension of the Libyan state, does not enjoy immunity from enforcement even if it was not a direct party to the dispute.
The corporation confirmed it is now pursuing an appeal before the French Court of Cassation to overturn the ruling and safeguard its assets. “We will exhaust all legal avenues to protect Libya’s oil wealth,” the statement added.
