The National Lybian Oil Corporation announced its victory in two ICC arbitrations with a value of at least US$ 1.4 billion. The first case against the Libyan Emirati Refining Company started in 2013, involving allegations of breaches of a crude oil supply agreement following the revolution that led to Kaddafi’s impeachment and claims relating to pricing formulas. The second case concerned the alleged breach of a shareholder’s agreement and was resolved after a two-week hearing with exchanges of evidence.