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NOC Wins Appeal over Emirati Refining Company in Paris Court

The National Oil Corporation announced that on February 23, 2021, the Paris Court of Appeal issued its judgment regarding the arbitration award issued on January 4, 2018 in the arbitration lawsuit filed according to the rules of the International Chamber of Commerce between the Libyan-Emirati Oil Refining Company (LERCO) and the Corporation regarding the Ras Lanuf refinery.

The judgment issued by the Paris court confirmed Lerco’s commitment to pay more than $115 million to the institution, in addition to interest. With interest added up to February 28, 2021, the amount owed by Lerco exceeds $132 million.

The court also upheld the arbitral tribunal’s ruling that affirmed Lerco’s continued commitment to taking or paying crude oil and ordered Lerco to pay 100,000 euros of the corporation’s costs in the Paris court case.

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Source: PetroleumAfrica

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