Ashurst makes second major foray into Libya

Ashurst is homing in on the Libyan market after completing its second part-nationalisation in the oil and gas sector there in a month.

Ashurst is homing in on the Libyan market after completing its second part-nationalisation in the oil and gas sector there in a month.

The firm advised National Oil Corporation of Libya (NOC) on the establishment of Libyan Emirates Refining Company, a joint venture with the United Arab Emirate consortium Trasta, which was advised by Dewey & LeBoeuf Dubai partner John Podgore.

The Ashurst team was led by global head of energy and NOC relationship partner Geoffrey Picton Turbervill.

He said the deal was significant as it is Libya’s first public private joint venture in the downstream sector.

Picton Turbervill was assisted by energy senior associate Jubilee Easo, associate Renad Haj Yahya, tax partner Richard Palmer and competition partner Julian Ellison.

Easo said: “We’re going to see lots of action in Libya – not just from NOC but from foreign companies and financial institutions. Every time I go to Tripoli something new is happening.”

NOC has been an Ashurst client for 10 years, but has only been active in larger deals since UN sanctions against Libya were lifted.

Last month it advised NOC on its joint venture with chemicals company Yara International.