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Press Briefing

The National Oil Corporation (NOC) has been monitoring the recent news circulating on social media. Much of this information has been inaccurate, particularly regarding the precautionary seizures of the NOC’s assets and shares in France by certain foreign companies. This requires us to clarify the following:

On March 13, 2025, the NOC achieved a significant legal victory by successfully overturning three precautionary seizures imposed by Swiss companies (Sysmed Travel, Jallouli Communications Group, Easymedia, and Hopital de la Tour). The Paris Court of Appeal ruled in favor of the NOC, leading to the cancellation of seizures totaling €35 million on the NOC’s shares in the Mabrouk Company in France and certain bank accounts. These seizures had been enacted based on arbitration rulings from the International Chamber of Commerce in Paris, which had previously favored the Swiss companies in their claims against the Libyan state. This ruling marks a notable development in the ongoing legal disputes surrounding international arbitration and asset seizures.

On November 10, 2022, the Cypriot Olin Holding Ltd issued precautionary seizure orders against the NOC’s assets held by third parties in France. This order was based on a final arbitration ruling from the International Chamber of Commerce in Paris, issued in favor of Olin against the Libyan State on August 25, 2018, which required the Libyan State to pay €24,373,175.70. In response, the NOC sought to cancel the seizure orders through a lawsuit filed against Olin in the French courts. However, the Paris Court of Appeal ruled on June 19, 2025, rejecting the NOC’s request. The court determined that the NOC is considered an extension of the Libyan State and that its assets do not enjoy immunity from enforcement, even though it is not a party to the dispute between the Libyan State and Olin.

Finally, the NOC has filed an appeal against the aforementioned ruling with the French Court of Cassation, aiming to exhaust all legal options to overturn the seizure of its assets. This seizure was based on a ruling from a lawsuit in which the NOC was not a party.