DUBAI, 13 December 2011—At an awards ceremony hosted by Middle East Oil & Gas magazine last night in Dubai Bijan Mossavar-Rahmani, Chairman and Chief Executive Officer of RAK Petroleum Public Company Limited and Executive Chairman of DNO International ASA, was honoured as the outstanding industry leader of the year for 2011. The award is given to “an outstanding individual, with a long track record of leadership in the regional upstream industry, who has consistently attracted the admiration and praise of their peers, while steering their own organization(s) to continual success.”
Amir Handjani, a member of the Board of Directors of RAK Petroleum who accepted the award on his behalf, said, “As Chairman and CEO, Mr Mossavar-Rahmani has led RAK Petroleum to profitability and growth since he joined the company, and at a time of global economic crisis and Middle East turbulence. He is now taking DNO, in which RAK Petroleum has a significant stake, on the same trajectory and will soon merge these companies into a regional champion.”
“Mr Mossavar-Rahmani’s industry knowledge, standing and track record of accomplishments are second to none and it is a privilege to serve on the board of directors with him,” said Mr Handjani.
Notified in Europe of the award, Mr Mossavar-Rahmani said, “I am of course pleased by this recognition and thank the publication and its editorial staff, the judges and also my DNO and RAK Petroleum colleagues who have raised the profile and profitability of their respective companies and will now join forces to bring even more value to all our shareholders.”
Mr Mossavar-Rahmani was featured as the cover story of the Middle East Oil & Gas November 2011 issue in an article entitled, “Power of Two: Bijan Mossavar-Rahmani on how he’s transforming RAK Petroleum and DNO into a unified regional leader” (http://www.arabianoilandgas.com/emagazines/oe_82.php). The merger is expected to close in January 2012.
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About RAK Petroleum
RAK Petroleum Public Company Limited (www.rakpetroleum.ae) 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 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. RAK Petroleum also has a non-operating 30 percent interest in the Hammamet Offshore license in the Republic of Tunisia and a 30 percent shareholding in the publicly-traded Norwegian oil and gas company DNO International ASA.
About DNO International
DNO International ASA (www.dno.no) is a fast track, full-scale exploration and production company. The company serves as operator and active joint venture partner in several oil and gas licenses, predominately in Yemen and the Kurdistan Region of Iraq. The company’s growth comes through smart exploration, cost effective and fast track development, efficient operating techniques and strategic acquisitions. Founded in 1971, DNO International is listed on the Oslo Stock Exchange.
For more information, please contact:
Ms Katherine D’Arcy
Corporate Affairs Manager
Tel: +971 4 293 2000
Tel: +47 905 21 904