Libya’s state-run National Oil Corporation (NOC) announced on 11th May 2026 the successful regaining of complete oversight of the Ras Lanuf Refinery. This development follows a protracted international legal and arbitration dispute spanning over a decade. The announcement signifies the official termination of the partnership with Trasta Company, the Emirati LERCO JV (Libyan Emirati Refinery Company) partner.
According to the NOC statement, a final agreement has been officially executed between the National Oil Corporation and Trasta Company. This accord mandates the withdrawal of the foreign partner from LERCO, with its shares now reverting to the NOC. Consequently, the Ras Lanuf refinery and its associated complex will operate entirely under Libyan sovereignty and management.
The Chairman of the Board of Directors of the National Oil Corporation confirmed that this agreement formally concludes the foreign partnership within LERCO. This marks a pivotal moment for the Libyan oil sector, enabling the restructuring and operation of the Ras Lanuf complex under exclusively Libyan leadership. This outcome is being recognized as one of the most significant transformations within the Libyan oil sector since 2011.
The resolution of this dispute definitively closes a complex chapter in the Libyan oil and gas industry. It ensures that one of the country’s most crucial oil and petrochemical assets is returned to full Libyan control. This development is expected to pave the way for a new era of rehabilitation, operation, and development for the Ras Lanuf complex.
The NOC Chairman expressed his satisfaction with the achieved agreement, commending the extensive efforts of the negotiating team and the Corporation’s legal and technical departments throughout the years of conflict. He emphasized that this accomplishment underscores the capability of Libyan expertise in safeguarding state rights and recovering strategic assets through legal and negotiated avenues. Furthermore, he acknowledged the contributions of various departments within the Corporation and its subsidiaries, viewing this Ras Lanuf Refinery recovery as the commencement of a revitalized phase for the complex. The goal is to restore the Ras Lanuf complex to its former standing as a premier refining and petrochemical hub in the region. The Ras Lanuf Refinery recovery is a testament to sustained efforts.
