World
Libya Regains Full Control of Ras Lanuf Refinery
Libya's National Oil Corporation signed a final agreement ending foreign partnership in the Ras Lanuf refinery, restoring full sovereignty and management.
After more than a decade of international legal battles, the Ras Lanuf complex and refinery are back under complete Libyan sovereignty and management. The National Oil Corporation (NOC) and the company Trasta signed a final agreement on Monday that terminates the foreign partnership within “Lerco,” transferring all shares to the NOC and fully removing the foreign partner.
NOC Chairman Masoud Suleiman announced the deal in a post on his Facebook account. He described the step as “the most important transformation in the Libyan oil sector since 2011,” noting that the agreement “puts a formal end to the foreign partnership inside Lerco and opens the way for restructuring and operating the Ras Lanuf complex under complete Libyan management.”
The two companies had previously signed a similar agreement in 2009.
Suleiman emphasized that the deal marks the beginning of a new phase to revive the Ras Lanuf complex and restore its position as a key hub for refining and petrochemical industries in the region. He added that this development is part of official moves to restructure several vital oil assets in Libya and strengthen national control over production and refining facilities, in line with the sector's current management direction.
