RAK & DNO chief is Outstanding Leader of the Year
Bijan Mossavar-Rahmani recognised for transforming DNO & RAK Petroleum
Bijan Mossavar-Rahmani, the Chairman and CEO of Rak Petroleum and Executive Chairman of DNO, is Oil & Gas Middle East's Outstanding Leader of the Year.
Since his appointment to the head of RAK Petroleum in April 2008, Bijan Mossavar-Rahmani has invigorated the company with a bold commercial strategy , leading it to one of the year’s most exciting M&A deals.
In January 2012 RAK is set to merge its assets in the region with DNO International, a Norway-listed firm with prize production sharing agreements in Iraqi Kurdistan. The deal values RAK Petroleum’s operating assets at $250 million and DNO at about $1.6 billion, is expected to close in January 2012.
Amir Ali Handjani, Director at RAK Petroleum accepting the award on Mossavar-Rahmani’s behalf, told Oil & Gas Middle East that the merger of RAK Petroleum’s MENA assets into DNO creates a “very focused E&P company.”
“We’ve disposed of RAK’s non-core, non-MENA assets,” he says. “There is now a lot of excitement and anticipation in the market for the merger transaction to close.”
Handjani is confident the enlarged group will continue to invest in RAK’s assets, from Oman and Ras Al Khaimah to Tunisia and says Mossavar-Rahmani’s persona has had a lot to do with the company’s recent success.
“Mr Mossavar-Rahmani’s industry knowledge, standing and track record of accomplishments are second to none and it is a privilege to serve on the board of directors with him,” said Handjani.
“As Chairman and CEO, Mr Mossavar-Rahmani has led RAK Petroleum to profitability and growth since he joined the company, and at a time of global economic crisis and Middle East turbulence,” said Handjani. “He is now taking DNO, in which RAK Petroleum has a significant stake, on the same trajectory and will soon merge these companies into a regional champion.”