Directorate Change

Reorganisation of IPIC's Board

On 22 April 2015, an Emiri Decree was issued reorganising the Board of Directors of the International Petroleum Investment Company (IPIC). H.E. Suhail Al Mazrouei has been appointed to IPIC's Board of Directors as its Managing Director and replaces Mr. Khadem Al Qubaisi who has not been re-appointed. H.E. Yousef Omair bin Yousef also departs the Board of Directors. There were no other changes.

In addition, H.E. Suhail Al Mazrouei will replace Mr. Al Qubaisi on the Boards of Directors of the following IPIC subsidiaries: Aabar Investments PJS; Borealis AG; Compañia Española de Petróleos (CEPSA); and Nova Chemicals Corporation.

H.E. Al Mazrouei is the Minister of Energy of the United Arab Emirates. He also holds the following positions: Chairman of the Board of Directors of the Federal Electricity and Water Authority (FEWA), Chairman of the Board of Directors of Mubadala Petroleum Co, Chairman of the Board of Directors of the Emirates Liquefied Gas Co, Member of the Higher Advisory Committee of the Supreme Petroleum Council, Member of the Board of Directors of Dolphin Energy Co and Member of the Board of Directors of Tatweer Petroleum Co (Bahrain).