The potential restart of Libya’s 220,000 b/d Ras Lanuf refinery, the country’s largest, is embroiled in a stand-off over terms between Tripoli-based National Oil Corporation (NOC) and the owner and operator of the refinery, Libyan Emirati Refining Company (Lerco). Lerco is a JV of NOC and Trasta Energy, a Dubai-based subsidiary of UAE industrial conglomerate Al Ghurair.

Two cases were brought before the International Chamber of Commerce (ICC) for arbitration by Trasta and Lerco...