After more than a decade of international legal and arbitration disputes, the National Oil Corporation (NOC), in the presence of its Chairman, Eng. Masoud Suleman, officially signed a final agreement today between the NOC and Trasta Company.

The agreement brings the partnership to an end and provides for the foreign partner’s withdrawal from LERCO, with the partner’s shares reverting to the NOC. This will return the Ras Lanuf refinery and complex entirely to Libyan sovereignty and management.

The Chairman of the Board of Directors of NOC states that this agreement officially ends the foreign partnership within LERCO and clears the way for the restructuring and operation of the Ras Lanuf complex under full Libyan management. This is considered one of the most significant developments in Libya’s oil sector since 2011.

Reaching this agreement definitively closes one of the most complex cases in Libya’s oil and gas sector and returns one of the country’s most important oil and petrochemical assets to full Libyan control. It also paves the way for a new phase of rehabilitation, operation, and development.

The Chairman of the Board of Directors welcomes this achievement, commending the major efforts of the negotiating team and the NOC’s legal and technical teams throughout the years of conflict.

He affirms that what has been achieved today represents a significant national achievement and demonstrates the strength of Libyan expertise in protecting the state’s rights and recovering its strategic assets through legal and negotiated channels.

About Libya’s National Oil Corporation (NOC)

Established in 1970, Libya’s National Oil Corporation (NOC) has been the backbone of the country’s energy sector for over five decades. As guardians of Libya’s vast oil and gas reserves, NOC is committed to sustainable resource development while maintaining it's position as a key player in the global energy market. NOC’s journey is defined by resilience, innovation, and strategic collaborations with international partners—strengthening Libya’s Energy.

He also acknowledges the efforts of the relevant departments within the NOC and its subsidiaries, describing the agreement as the start of a new phase to revitalize the Ras Lanuf complex and restore it as one of the region’s most important refining and petrochemical centers.