Dubai-based Emirates National Oil Company (ENOC) has handed over the chairmanship of Gulf Energy Maritime (GEM) - the Middle East's largest independent commercial product tanker operator to International Petroleum Investment Company (IPIC), the Abu Dhabi-based oil and chemicals foreign investment group.
According to shareholders' agreement, the chairmanship - held by ENOC's iconic Hussain Sultan since GEM's inception in 2004 - rotates every three years between IPIC and ENOC.
Speaking on behalf of the board of directors, Ahmed Hareb Al Falahi, CEO, GEM said: "Hussain Sultan's three-year tenure as GEM's chairman saw the company achieve global recognition within the maritime industry. He has handed over his responsibilities to IPIC's Khadem Abdulla Al Qubaisi and will continue on the board to provide valuable strategic counsel and advice.
"Al Qubaisi is globally recognised for his investment and financial acumen within the oil and gas industry. His experience as a board member of several top-notch companies including Borealis, Hyundai Oilbank Co. Ltd. (HDO) and Pak Arab Refinery Ltd. (PARCO) will propel GEM's growth plan to enter the global top ten tanker operator list.
"Al Qubaisi's chairmanship complements GEM's global role in the energy transportation sector."
Sultan's term as the founder chairman saw the fledgling energy transporter grow over 800% in the last three years to become a US$ 1.1 billion company. The fleet more than tripled from six vessels in 2004 to a current order book of 19 with revenues and profits exceeding all targets. The company returned a profit from its first day of operations.
"We look up to Al Qubaisi to build on the solid foundation laid down by Hussain Sultan who took GEM from just an idea into a world-class award-winning company with global recognition. Al Qubaisi's invaluable guidance will steer us through the next few years of expansion," continued Al Falahi.
-Ends-
About Gulf Energy Maritime (GEM) PJSC:
Headquartered in Dubai, GEM is the Middle East's largest independent, commercial product tanker operator and boasts the world's most modern product tanker fleet. Committed to delivering safety, quality and excellence, GEM's Tanker Management Self Assessment System required by the Oil Companies International Marine Forum, has been approved by ExxonMobil, BP and Shell - the first Middle East product tanker operator to be approved by three of the world's oil majors.
Established just two years ago, GEM has built an asset value now standing at USD 1.1 billion.
GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of a fleet of petroleum and chemical tankers trading worldwide. These also incorporate the pollution prevention requirements of the International Marine Organisation's ISM Code.
GEM is a joint venture partnership between Dubai's Emirates National Oil Company (ENOC), Abu Dhabi's International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets programme.
For further information please contact:
Gladson Ronad or Fouad Kassem,
MCS/Action,
PO Box 20970,
Dubai,
United Arab Emirates.
Tel: +9714 390 2960;
Fax: +9714 390 8161;
Mob: +971 50 4533479
email: gladson.r@actionprgroup.com or fouad.k@actionprgroup.com
Or visit Gulf Energy Maritime online at: www.gempjsc.com
© Press Release 2007
