Abu Dhabi, the largest shiekhdom in the United Arab Emirates, appointed the country’s Minister of Energy Suhail Mohammed Al Mazrouei as managing director of government-owned International Petroleum Investment Co.
Al Mazrouei replaces Khadem Al Qubaisi, according to a decree from Abu Dhabi’s ruler Sheikh Khalifa bin Zayed Al Nahyan published Wednesday by the official news agency WAM. The decree listed IPIC’s new board members, and Al Qubaisi wasn’t among them.
Four phone calls made to the Abu Dhabi offices of IPIC after normal business hours weren’t answered.
IPIC, an oil and gas investment company, bought refinery operator Cia Espanola de Petroleos SAU of Spain and NOVA Chemicals Corp. of Canada in the last six years under Al Qubaisi, adding to its assets in Pakistan and Japan. The company plans to invest at least $7 billion in fuel-processing plants in Oman and the U.A.E. The emirate of Abu Dhabi holds 6 percent of world crude reserves.
Al Mazrouei became energy minister in March 2013, replacing Mohamed Bin Dhaen Al-Hamli, an IPIC board member. Before becoming minister, Al Mazrouei worked as deputy chief executive officer of Mubadala Petroleum, another U.A.E. state-owned energy-investment company, and served on Abu Dhabi’s energy-policy advisory body.
Al Qubaisi was also omitted from a list of new board members at Arabtec Holding Co., a construction company where he was chairman, according to a regulatory filing Thursday.