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RAK Petroleum holds its first extraordinary general meet
RAS AL KHAIMAH — RAK Petroleum, the newly-set up Dh.3 billion public company incorporated into the Ras Al Khaimah Free Zone, held last Sunday its first extraordinary general meeting at the Al Hamra Fort Hotel here last evening and elected a seven member director board.
The first meeting of the Board of Directors held later elected Abdul Aziz A. Al Ghurair as Chairman of the company.
The setting up of RAK Petroleum marks Ras Al Khaimah’s ambitious foray into the energy sector industry in the region. The firm has been set up with the objective of initiating, participating, investing and developing energy-related projects, assets, ventures and businesses in the GCC markets and beyond.
“It is the start of a great business venture that holds promise to become a major milestone in the industrial sector of the country,” Abdul Aziz Al Ghurair said. He expressed confidence that the new venture will attract substantial investments into the emirate of Ras Al Khaimah.
RAK Petroleum has a paid up capital of Dh3 billion that has been fully subscribed to and paid by the founding shareholders.
The government of Ras Al Khaimah has been a key promoter of the project and is also a strategic investor in the company through its fully owned subsidiary RAK Gas.
Dr Izzat Dajani, CEO of the Investment and Development Office (IDO) of the government of Ras Al Khaimah, which has been the Lead Manager and financial adviser throughout the private placement, said that RAK Petroleum will be engaged in setting up and managing petrochemical projects and upstream exploration and production of oil and gas, both regionally and globally.
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