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NOC EXERCISES CALL OPTION TO PURCHASE TRASTA’S SHARES IN THE LIBYAN EMIRATES OIL REFINING COMPANY
NOC is pleased to announce that it is proceeding with the exercise of its call option to purchase Trasta’s 50% interest in LERCO .
The joint venture company formed to operate the Ras Lanuf Refinery, in accordance with the terms of the contract that governs the LERCO joint venture. Trasta had sought to block NOC’s exercise of the call option through ICC arbitration proceedings, which have now concluded with the rendering of an award rejecting Trasta’s position and upholding NOC’s right to exercise the call option.
