Libya’s National Oil Corporation (NOC) has won an international arbitration case filed against it by the owners of the tanker Nour (1) before the London Court of International Arbitration.
The tanker’s owners had requested that the court order the NOC to compensate them for the vessel’s value and additional financial penalties, alleging that the tanker — chartered by the corporation — was damaged during armed clashes in 2014.
According to the NOC, the company had previously held negotiations with the tanker’s owners in 2024 in an effort to reach an amicable settlement. However, the owners rejected the proposal, leading the court to dismiss their compensation claims in its final ruling.
In a statement, the NOC reaffirmed its commitment to protecting the interests and rights of its partners and clients across all sectors of its operations. It emphasised that it honours all contractual agreements without exception and always seeks fair and transparent resolutions to disputes.
The corporation further explained that its attempts to achieve a mutually acceptable settlement were made in line with contractual obligations, but were met with refusal by the opposing party. The NOC added that it has a duty to defend its legitimate rights and reject unlawful demands.
This legal victory reinforces the NOC’s stance as a reliable and principled institution within Libya’s vital oil sector, which continues to face complex challenges amid ongoing efforts to safeguard national resources.
