Jan 19, 2017
Dubai, UAE; January 19, 2017: Dubai-government owned ENOC Group announced the new Board of Directors of its wholly-owned subsidiary Dragon Oil, with His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance, and chairman of ENOC Group board; as its new Chairman.
Dragon Oil's new board members are:
His Excellency Saif Humaid Al Falasi will continue as Dragon Oil CEO at this stage, in addition to his responsibilities as ENOC Group CEO.
Dragon Oil was fully acquired by ENOC in September 2015. 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 new board will provide critical leadership and direction to Dragon Oil as it seeks more upstream opportunities while building on existing contracts. With the addition of an upstream segment to its operations, ENOC now has strong competencies across the entire energy value chain. Through its investment in Dragon Oil, ENOC provided an upstream asset for the emirate of Dubai, underlining its credentials in bolstering the nation's energy security.