Libya’s National Oil Corporation (NOC) has signed an agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), the operator of the Ras Lanuf refinery.
Trasta Energy is part of the United Arab Emirates-based Al Ghurair Group.
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The agreement, signed by NOC chairman Masoud Suleman, marks the conclusion of a decade-long partnership for the Libyan refinery. As part of this, all shares held by Trasta Energy in LERCO will be reverted to NOC.
This development resolves long-standing international legal disputes affecting Libya’s oil sector and transitions control of the Ras Lanuf complex back to Libyan hands.
The NOC chairman emphasised that this agreement paves the way for the restructuring and operation of the Ras Lanuf complex entirely under Libyan management, a significant milestone.
The resolution of this complex case returns a vital asset to Libyan oversight, allowing for future rehabilitation and development.
Suleman underscored the significance of the agreement as a testament to Libya’s ability to reclaim and manage its strategic resources.
In a related push to boost Libya’s petrochemical output, the Ras Lanuf Oil and Gas Processing Company restarted the second production line of the polyethylene plant at the Ras Lanuf refinery in January 2025, after a 12-year shutdown.
The line had been fully integrated, enhancing the plant’s capacity and addressing local demand for polyethylene, a crucial material in the plastics industry.
In October 2025, efforts began to restart the ethylene plant at Ras Lanuf following extensive maintenance by local technical teams. The initial phase involved introducing naphtha into the thermal cracking furnaces and activating the main compressor.
