Libya's National Oil Corporation announced it is proceeding with the exercise of its call option to purchase 50% of Trasta’s shares in the Libyan Emirates Oil Refining Company (LERCO), the JV company formed to operate the Ras Lanuf refinery, a statement said on Friday.

Trasta had previously sought to block NOC’s exercise of the call option through ICC arbitration proceedings, but an award rejected Trasta’s position and upheld NOC’s right to exercise the call option, the statement added.