{"id":6348,"date":"2022-03-06T10:36:11","date_gmt":"2022-03-06T08:36:11","guid":{"rendered":"https:\/\/lbc.com.ly\/en\/?p=6348"},"modified":"2022-03-06T10:36:13","modified_gmt":"2022-03-06T08:36:13","slug":"international-chamber-of-commerce-rules-in-favor-of-libyas-purchase-of-trastas-share-in-lerco","status":"publish","type":"post","link":"https:\/\/lbc.com.ly\/en\/international-chamber-of-commerce-rules-in-favor-of-libyas-purchase-of-trastas-share-in-lerco\/","title":{"rendered":"International Chamber Of Commerce Rules In Favor Of Libya\u2019s Purchase Of Trasta\u2019s Share In LERCO."},"content":{"rendered":"\n<p>The International Chamber of Commerce ruled that Libya has the right to purchase the UAE\u2019s Trasta company\u2019s share in the Libyan Emirates Oil Refining Company (LERCO) after the Emirati company tried to hinder this purchase by filing a lawsuit.<\/p>\n\n\n\n<p>The Libyan National Oil corporation (NOC) announced that it was proceeding with the exercise of its call option to purchase Trasta\u2019s 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.<\/p>\n\n\n\n<p>NOC added in a statement on Friday that Trasta had sought to block NOC\u2019s exercise of the call option through ICC arbitration proceedings, which have now concluded with the rendering of an award rejecting Trasta\u2019s position and upholding NOC\u2019s right to exercise the call option.<\/p>\n\n\n\n<p>The NOC previously won two arbitration cases at the International Chamber of Commerce lodged by Trasta in 2018 when requests of compensations worth 812 million dollars were rejected.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Chamber of Commerce ruled that Libya has the right to purchase the UAE\u2019s Trasta company\u2019s share in the Libyan Emirates Oil Refining Company (LERCO) after the Emirati company tried to hinder this purchase by filing a lawsuit. The Libyan National Oil corporation (NOC) announced that it was proceeding with the exercise of its [&hellip;]<\/p>\n","protected":false},"author":87,"featured_media":6349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1817],"class_list":["post-6348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-international-chamber-of-commerce"],"acf":[],"_links":{"self":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/posts\/6348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/comments?post=6348"}],"version-history":[{"count":5,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/posts\/6348\/revisions"}],"predecessor-version":[{"id":6354,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/posts\/6348\/revisions\/6354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/media\/6349"}],"wp:attachment":[{"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/media?parent=6348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/categories?post=6348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lbc.com.ly\/en\/wp-json\/wp\/v2\/tags?post=6348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}