Borealis has appointed His Excellency Suhail Al Mazrouei, Managing Director of International Petroleum Investment Company (IPIC) to its Supervisory Board. According to the statement released by the company, Al Mazrouei will assume the position of Chairman of the Supervisory Board, taking over from H.E. Khadem Al Qubaisi, who in April resigned from IPIC’s Board of Directors following a decree from Abu Dhabi’s ruler Sheikh Khalifa bin Zayed Al Nahyan Among other leadership roles, Suhail Al Mazrouei has also been the Energy Minister of the United Arab Emirates (UAE) since 2013, as well as acting as the Chairman of several other UAE and international companies, including NOVA Chemicals Corporation, where he has served as Chairman of the Board and Director since May 2015.
“Borealis has proven to be a very good investment for IPIC. The company has successfully managed an impressive transformation from a European polyolefins company with a small Joint Venture in Abu Dhabi to a global company with three profit centres: Polyolefins, Base Chemicals and Borouge,” said Suhail Al Mazrouei. “Borealis’ future growth options are well in line with our strategy to invest in the energy and related sectors across the globe. I look forward to discovering new strategic opportunities together with Borealis’ Executive Board, management and employees.”
The International Petroleum Investment Company of Abu Dhabi owns 64% of Borealis, with the remaining 36% owned by OMV, the Austria-based energy group. The emirate of Abu Dhabi holds 6% of world crude reserves.