| IPIC’S Al Qubaisi to Steer Gulf Energy Maritime
Posted: 04 June 2007
 Send this article
 Print this article
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.
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.
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. |
