Dubai’s ENOC appoints new board for its subsidiary, Dragon Oil

Dubai-government owned Emirates National Oil Company Group (ENOC) announced that it has appointed a new board of directors for its wholly-owned subsidiary, Dragon Oil.

Sheikh Hamdan bin Rashid Al Maktoum, Dubai’s deputy ruler and UAE Minister of Finance has been selected as the company’s new chairman, a statement said.

Saeed Mohammed Al Tayer, managing director and CEO of DEWA, has been named vice chairman of the board.

ENOC Group CEO Saif Humaid Al Falasi, who was recently appointed as the CEO of Dragon Oil – replacing Abdul Jaleel Al Khalifa – will continue at this stage, the statement added.

Dragon Oil’s other new board members include – Abdulrahman Al Saleh, director-general, Department of Finance, Dubai government; Hussain Hassan Mirza Al Sayegh, deputy chairman, Oilfields Supply Centre; Dr Abdul Rahman Al Awar, director general of Federal Authority for Government Human Resources (FAHR); Ahmad Sharaf, CEO of Dutco Energy and chairman of the Dubai Mercantile Exchange; and Ahmad Al Muhairbi, secretary general of the Dubai Supreme Council of Energy.

The new board will support Dragon Oil as it seeks more upstream opportunities while building on existing contracts, the statement said.

Dragon Oil, which primarily produces oil from Turkmenistan’s Cheleken field, also has exploration assets in Tunisia, Iraq, Afghanistan, Egypt, and Algeria. It delisted from the London Stock Exchange and Irish Stock Exchange after it was fully acquired by ENOC in September 2015.

The acquisition has provided an upstream asset for Dubai, ENOC said.

“Over the last 15 months, ENOC Group has conducted due diligence for the integration of Dragon Oil into its fold and is now set to embark on a new era of growth,” the statement added.

Also read: Dragon Oil agrees to ENOC’s increased takeover bid