RAK Petroleum announces board appointments

May 25, 2010 1:47 pm

“I am pleased to continue to serve our shareholders in this new role and grateful to my predecessor for his leadership during the Company’s startup phase,” Mr. Mossavar-Rahmani said. “Mr. Al Ghurair has offered to continue to provide support to RAK Petroleum and my colleagues on the Board and I look forward to his ongoing association with the Company,” Mr. Mossavar-Rahmani added.

The Board also named two others to its ranks, Ambassador Zalmay Khalilzad and Amir Ali Handjani. Ambassador Khalilzad is Chairman of Khalilzad Associates LLC, having previously served as US Ambassador to the United Nations, Iraq and Afghanistan. Mr. Handjani is a Director of Taylor-DeJongh International and was formerly General Counsel of RAK Petroleum.

Other members of the Board of Directors are Sheikh Khalid Bin Saqr Al Qassimi (Vice Chairman and Managing Director of GIBCA Group), Ahmed Jamal Jawa (CEO of Starling Holding Ltd.), Ali Samir Al Shihabi (Chairman of Rasmala) and Saeed Khoory (Group Chief Executive of Emirates National Oil Company).

RAK Petroleum Public Company Limited is registered in the Free Trade Zone of the Emirate of Ras Al Khaimah and is operator of seven blocks in the Sultanate of Oman and in the United Arab Emirates, of which one is in the production phase, three are in the exploration phase, and three are undergoing appraisal for possible development/redevelopment. The Company also holds a non-operated stake in an offshore exploration license in the Tunisian Republic. RAK Petroleum holds a 30% shareholding in the listed Norwegian company DNO International ASA which operates oil fields in the Kurdistan Region of Iraq and the Republic of Yemen in addition to an active exploration program in several other countries.