The National Oil Corporation (NOC) announced a final agreement with the foreign company Trasta that ends the long-running partnership between the two sides in the Libyan Emirati Refining Company, known as LERCO, following years of international legal disputes and arbitration cases.
According to National Oil Corporation Chairman Masoud Suleman, the agreement transfers all shares owned by the foreign partner to the Libyan side, restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex.
Officials described the agreement as a major development for Libya’s energy sector, noting that it closes one of the most complicated commercial and legal files affecting the oil industry since 2011. The deal officially ends foreign participation within LERCO and opens the door for the restructuring and rehabilitation of the Ras Lanuf complex under full Libyan administration.
The Ras Lanuf complex is considered one of Libya’s most strategic industrial and energy facilities due to its importance in refining operations, petrochemical production, and fuel supply. Authorities believe the agreement could support efforts to revive industrial activity and strengthen Libya’s economic recovery.
Masoud Suleman praised the legal, technical, and negotiation teams that worked on the case over several years, describing the outcome as an achievement that demonstrates the ability of Libyan institutions to defend state assets through legal and diplomatic channels.
The National Oil Corporation also emphasized that restoring direct Libyan control over strategic infrastructure forms part of wider efforts to modernize the energy sector and improve operational efficiency after years of disruption caused by political instability and conflict.