UAE-based International Petroleum Investment Company (Ipic) has announced that its head of portfolio management division, Khalifa Abdulla Al Romaithi, has taken over chairmanship of Gulf Energy Maritime (GEM).

Al Romaithi has taken over from Saeed Abdulla Khoory, chief executive officer of Emirates National Oil Company (Enoc), a statement from the company said.

He assumes GEM's top post in its board of directors, which rotates every three years between Ipic and Enoc. Khoory remains a board member of GEM and will at the same time focus on his increasing role at ENOC.
    
Speaking on behalf of the board, Ahmed Essa Hareb Al Falahi, chief excutive, said: “Khoory's more than 30 years of experience at Adnoc and Enoc have proven to be advantageous for GEM and we value his immense contributions.”

“Under his leadership, GEM has experienced continuous growth amidst the global economic downturn that has greatly affected the tanker industry, and successfully implemented GEM’s fleet expansion strategy with the delivery of two Aframax vessels – Gulf Vision and Gulf Valour.”

Upon assumption of his new role, Al Romaithi will oversee strategies required for GEM to build upon nine years of continued growth, the statement said. His appointment is significant as GEM continues to enjoy the trust and confidence of the industry, which allows it to increase its capacity and capability to deliver to customers such high quality services.

His experience at Ipic aims to further elevate GEM’s standing as one of the leading product tanker operators in the world.

Al Romaithi started his career as an assistant investment manager at Ipic in June 2003. In 2006, he represented Ipic on the board of directors of Oman Polypropylene Company, and in 2007 was appointed to the board of directors of listed Japanese refiner, Cosmo Oil Company.

In 2008, Al Romaithi was appointed to the board of directors of a Kazakhstan joint venture private equity fund, Al Falah Growth Fund, and in 2009, he was appointed to the board of directors and executive committee of the Qatar Abu Dhabi Investment Company (Qadic).

Prior to taking over as chairman of the board of directors of GEM, Al Romaithi has been a member of its board of directors since 2010. – TradeArabia News Service