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International
Petroleum Investment Company (IPIC), the Abu Dhabi-based oil and
chemicals foreign investment group has handed over the chairmanship of
Gulf Energy Maritime (GEM) - the Middle East's largest independent
commercial product tanker operator to Emirates National Oil Company
(ENOC).
In accordance with a shareholders' agreement, the chairmanship rotates every three years between IPIC and ENOC - two of GEM's major shareholders. "Mohamed Al Mehairi's tenure as GEM's chairman was characterised by global recognition from within the maritime industry. More importantly, it was also during his tenure that GEM's fleet grew quite significantly with the delivery of the most number of vessels in a single year," said Ahmed Al Falahi, CEO, GEM, as he spoke on behalf of GEM's board of directors.
Saeed Abdullah Khoory, ENOC's Group Chief Executive has over 30 years of experience in the Oil Sector , spent between ADNOC and ENOC, will prove beneficial for GEM as he also brings in a huge wealth of industry experience. His appointment also comes at an important time when GEM's good quality ships and cash reserves indicate strong years ahead in terms of business and finance. "His expertise in both upstream and downstream activities within the UAE is well placed to be a strategic implementer for GEM's further growth," Al Falahi added.
As the new chairman, Khoory will now oversee strategies required for the US$1 billion company as it steps into its seventh year of continued growth. GEM's fleet has tripled from six vessels since inception in 2004 to its current fleet of 17. In addition, two more vessels, both Aframaxes, are scheduled for delivery in 2012.
"Looking forward, and drawing on Khoory's expertise, we will move closer in achieving our goal of expanding into one of the top players in the market. In line with such an objective, we are seriously looking at the market and are putting strategies in place," Al Falahi continued.
"Mohamed Al Mehairi's corporate strategies helped us put to sail several initiatives that have benefited GEM and we look forward to another era under Khoory's leadership to take us further on that growth path," Al Falahi concluded.
PetrolWorld 280610 Source: Emirates News Agency
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