Libya regains full control of Ras Lanuf refinery and petrochemical complex as Trasta Energy exits

Libya’s state-run National Oil Corporation (NOC) has signed a final agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex, according to a statement on May 11, cited by Akhbar Libya. 

Trasta Energy is a subsidiary of the Al Ghurair Investment Group. The agreement ends over a decade of international arbitration and legal disputes. 

The Ras Lanuf complex is one of Libya’s most important refining and petrochemical assets and has long played a central role in the country’s energy sector. The agreement is expected to support efforts to revive the complex and restore its position as a major refining and petrochemical hub in the region.

The move comes as Libya continues attempts to stabilise and expand its oil sector, which remains the backbone of the country’s economy despite years of political instability and disruptions to production infrastructure. NOC announced plans earlier to raise oil production to 2mn bpd by 2030 from 1.4mn bpd currently. 

NOC said the agreement concludes more than a decade of international legal and arbitration disputes linked to the joint venture. Chairman Masoud Suleman said the deal formally ends the foreign partnership in LERCO and paves the way for the restructuring and operation of the Ras Lanuf complex under full Libyan administration. He described the agreement as one of the most significant developments in Libya’s oil sector since 2011.

Suleman added that the settlement closes one of the most complicated chapters in Libya’s oil and gas industry, and creates the foundation for a new phase of rehabilitation, development and operational recovery at the facility.