Dubai-based Gulf Energy Maritime (Gem) has appointed Mohamed Al Mehairi of International Petroleum Investment Company (IPIC), the Abu Dhabi-based oil and chemicals foreign investment group and Gem’s 30 per cent shareholder, as its new chairman.

Gem is the Middle East’s largest independent commercial product tanker operator.

Al Mehairi takes over from Khadem Al Qubaisi, who moves on to focus on his increasing roles in various governmental bodies and his chairmanship of various international and regional corporations, including his vital role as managing director of IPIC, a $14 billion global investment company, a company official said.

IPIC is looking to expand further this year, which requires Al Qubaisi to concentrate all his efforts in overseeing the expected growth, Ahmed Essa Hareb Al Falahi, Gem chief executive officer, said.
 
Speaking on behalf of the board of directors, Al Falahi, said: “Khadem Al Qubaisi brought in a lot of value to Gem through his expertise in the investment markets and his varied experience in the oil and gas industry."

"Our asset base increased through his strong endorsement of our foresighted purchase of two Aframax tankers this year which will have a long lasting impact on the company’s core business," he noted.

“We value his immense contributions to Gem during his tenure as chairman. His growing stature within the UAE energy departments and his high corporate profile within the oil and gas industry have dictated his move from Gem and we appreciate and respect his decision,” Al Falahi added.

Al Qubaisi has handed over his responsibilities to Al Mehairi who will now oversee Gem’s growth into its fifth year.

“Al Mehairi is well known for his administrative and investment roles within the oil and gas industry. His experience as a board member of several top-notch companies including Austrian plastics giant Borealis and Pakistan based Pak-Arab Pipeline Company has given him invaluable insight into the global oil and gas investment market,” explained Al Falahi.

“He is also the vice chairman of Pak-Arab Refinery Limited (Parco), Pakistan and the co-chairman of the Steering Committee Board, in Cosmo Oil, Japan. Al Mehairi’s chairmanship complements Gem’s global role in the energy transportation sector,” he added.

Al Mehairi started his career with Abu Dhabi National Oil Company (Adnoc) in 1999, where he headed its far east area/crude & condensate division.

In August 2006 he joined IPIC as their investment manager in the investment management division being quickly promoted to division manager, evaluation & execution division for his intuitive decision making skills.

As the new chairman, Al Mehairi will oversee the strategies required for the energy transporters -  which has grown over 810 per cent in the last four years to become a $1.3 billion company – to step into its fifth year of continued growth.

"The fleet more than tripled from six vessels since its inception in 2004 to a current order book of 21 with revenues and profits exceeding all targets,” Al Falahi noted.-TradeArabia News Service