UAE Energy Minister Suhail al-Mazrouei has been appointed as managing director of the government-owned International Petroleum Investment Company (Ipic).  

Al-Mazrouei replaces outgoing chairman Khadem al-Qubaisi, who was appointed in May 2007.

The departure of Al-Qubaisi, who has also left the board of Ipic, comes soon after it emerged he is expected to leave his position as chairman of construction company Arabtec.

Al-Qubaisi was left off a list of nominees for the Arabtec’s board on 15 April.

The government of Abu Dhabi established Ipic in 1984 and has the responsibility to appoint all members of its board of directors.

Ipic has acquired several international companies including Canada-based Nova Chemicals and Spanish oil and gas group Cepsa.

Ipic has stakes in several major ongoing projects in the GCC, including the new refinery and liquefied natural gas (LNG) terminal in Fujairah, the Tacaamol chemicals complex in Ruwais and the new refinery in Duqm, Oman.   

Sheikh Mansour bin Zayed, the deputy prime minister of the UAE and member of Abu Dhabi’s ruling family, has retained his position as the chairman of Ipic’s board.

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