Libya’s National Oil Corporation (NOC) has signed a final agreement with Trasta Company, officially ending their long-running partnership in the Libyan Emirates Oil Refining Company (LERCO) after more than a decade of legal and arbitration disputes, paving the way for the Ras Lanuf refinery and petrochemical complex to return to full Libyan ownership and management.

The agreement – signed in the presence of NOC Chairman Masoud Suleman – stipulates the withdrawal of the foreign partner from LERCO, with Trasta’s shares reverting to the NOC, according to a NOC statement.

Suleman said  the agreement was one of the most significant changes in the sector since 2011, as it opens the door for restructuring and restarting operations at the Ras Lanuf complex under complete Libyan administration.

The agreement also brings a definitive end to one of the most complex disputes in Libya’s oil and gas industry, while restoring full national control over one of the country’s key refining and petrochemical assets. According to the NOC, the move will pave the way for a new phase focused on rehabilitation, operation, and future development of the complex.

Suleman praised the efforts of the negotiating committee, alongside the NOC’s legal and technical teams, for their work throughout the years of dispute. He said the achievement reflects the capability of Libyan expertise to safeguard state interests and recover strategic assets through legal and negotiated solutions.

The Ras Lanuf refinery and petrochemical complex, located on Libya’s Mediterranean coast, is one of the country’s largest energy facilities, with a refining capacity of around 220,000 barrels per day. Developed in the 1980s, the complex became a major hub for refining and petrochemical production before facing repeated shutdowns and damage following the 2011 revolution.