RAS AL KHAIMAH, 6 April 2008--RAK Petroleum Public Company Limited announced today the appointment of Bijan Mossavar-Rahmani to its Board of Directors and to a newly formed position as Chairman of the Executive Committee and Managing Director, effective immediately.
Mr. Mossavar-Rahmani is an experienced oil industry executive and currently serves as Chairman of the Board of Directors of Foxtrot International, LDC, a Franco-American oil and gas company active in West Africa and as CEO of Mondoil Enterprises, LLC, an energy holding company, in the United States. He was founder and first chief executive of Houston-based Apache International, Inc.
“We are pleased to welcome Bijan to RAK Petroleum and look forward to working together to take the company to the next level as a significant and successful regional oil and gas exploration and production player,” said Abdul Aziz Al Ghurair, Chairman of RAK Petroleum’s Board of Directors. Mr. Al Ghurair is also Director and CEO of Mashreq PSC and Speaker of the the House of the 14th Legislative Chapter of the Federal National Council in the United Arab Emirates.
RAK Petroleum is active in exploration for oil and gas currently in the Sultanate of Oman and also in Ras Al Khaimah The company produces gas from a small offshore field in Oman and will commence production from a second, larger field later this year. The vast majority of the company’s issued share capital is held in the United Arab Emirates and in Saudi Arabia.
In addition to his industry positions, Mr. Mossavar-Rahmani is active in public and international affairs and serves as a member of Harvard University’s John F. Kennedy School of Government’s Visiting Committee and also of the New York Metropolitan Museum of Art Visiting Committee on Islamic Art. He has published more than ten books and dozens of articles on global energy markets and was decorated a Commandeur de l’Ordre National de la Cote d’Ivoire for services to the energy sector of that country.
RAK Petroleum also announced that Peter Sadler, who held the interim position of CEO since April 2007, has stepped down. Mr. Sadler was formerly CEO of London AIM-listed Indago Petroleum; RAK Petroleum acquired Indago’s Oman exploration and production assets a year ago and the process of integration of those assets into its new owner’s portfolio has now been completed.