Emirates National Oil Company has revamped the board of its upstream subsidiary, Dragon Oil, as it prepares for expansion.
The Dubai government-owned Enoc said that Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, Minister of Finance and chairman of Enoc Group, will be Dragon Oil’s new chairman.
The announcement follows last week’s move to install Saif Al Falasi, Enoc group chief executive, as chief executive of Dragon Oil, taking over from long-serving Abdul Al Khalifa, a former Saudi Aramco executive.
Yesterday’s statement said Mr Al Falasi would continue as chief executive of Dragon Oil “at this stage” but a spokesperson could not confirm if it had begun a search yet for a long-term replacement for Mr Al Khalifa.
The changes to the board come as Enoc prepares Dragon Oil for a long-planned phase of growth following its late-2015 buyout of minority shareholders in the company.
Enoc has made it clear that it wants to use Dragon Oil as the prime upstream expansion platform for the company – and for Dubai – as it seeks to complement its refining and marketing assets to create a fully integrated oil concern to enhance the emirate’s energy security.
“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,” Enoc said when announcing the board changes.
“The new board will provide critical leadership and direction to Dragon Oil as it seeks more upstream opportunities while building on existing contracts.”
Dragon Oil’s main asset is the Cheleken offshore oil and gasfields in Turkmenistan, where it is sole operator under a production-sharing agreement with the government. It has invested more than US$5 billion over the past decade and a half to reach production levels of about 100,000 barrels per day (bpd) by the end of 2015.
The company also has interests in exploration assets in Iraq, Algeria, Tunisia, Afghanistan and Egypt.
Meanwhile, Enoc is expanding capacity at its Jebel Ali refinery by 50 per cent to 210,000 barrels per day. It is also increasing its retail chain by about 50 per cent to take it to near 200 outlets, while expanding into Saudi Arabia.
The other board members named yesterday are: as vice chairman, Saeed Al Tayer, the chief executive of Dubai Electricity and Water Authority; Abdulrahman Al Saleh, the Dubai government’s director-general of finance; Hussain Al Sayegh, the deputy chairman, Oilfields Supply Centre; Abdul Rahman Al Awar, the director general, Federal Authority for Government Human Resources; Ahmad Sharaf, the chief executive of Dutco Energy and chairman of the Dubai Mercantile Exchange; and Ahmad Al Muhairbi, the secretary general of the Dubai Supreme Council of Energy.
amcauley@thenational.ae
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Company%20Profile
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EShaffra%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%20Innovation%20Hub%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Emetaverse-as-a-Service%20(MaaS)%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3Ecurrently%20closing%20%241.5%20million%20seed%20round%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%20Abu%20Dhabi%20and%20different%20PCs%20and%20angel%20investors%20from%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3Enine%3C%2Fp%3E%0A
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%204-cylinder%20turbo%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20366hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E550Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESix-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh360%2C000%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3C%2Fp%3E%0A
