At the outset of the meeting, the Chairman expressed sincere thanks and appreciation for the valued continuous support and follow-up of the wise political leadership led by HM the King, HRH the Prime Minister, and HRH the Crown Prince and Deputy Supreme Commander and congratulated the leadership on the occasion of National Day and the Accession of His Majesty.
The Chairman pledged to exert extra efforts to improve Bapco’s operations, enhance its contributions in the national economy and continue its outstanding performance for sustainable growth.
The Board reviewed a number of key issues related to Bapco’s operational performance, and recorded it appreciation for achieving good results especially the record monthly crude run in the history of the Company of 271,300 barrels/day during November 2011. It was gratifying for the Board to note that production target for 2011 was fully achieved safely and efficiently.
The Board reviewed and approved the 2012 Operating Expense and Investment Budgets. It was noted that the Productivity Improvement program embarked upon by the Company had resulted in ongoing cost savings.
The Board reviewed a number of operational, operational and Human Resource issues and provided guidance and direction to the Management
The board announced the retirement of Faisal AlMahroos on 31st December 2011 upon reaching normal retirement age.
“AlMahroos had made valuable and considerable contributions in upstream development and overall management of Bapco,” the board commended.
The board also approved the appointment of Gordon Smith to the position of Chief Executive of Bapco. Smith has been Deputy Chief Executive Refining and Marketing and has a background of extensive oil industry management experience at Chevron, USA, and has led successful business turnarounds, plant commissioning and refinery operations around the world.
It also approved the appointment Ebrahim Taleb as Deputy Chief Executive, Refining and Marketing. Taleb has been General Manager Refining.
The board approved the appointment of Hafedh Al Qassab as General Manager Refining and A. Jabbar A. Karim as General Manager Major Engineering Projects while Ghassan Muhanna as General Manager HR and Administration as current incumbent Mohamed Al Jamea is due for normal retirement shortly. Hisham Zubari has been appointed as General Manager Special Assignment.
The board thanked the outgoing Chief Executive Faisal AlMahroos for his valuable contribution to the successful progress of the Company and wished the incoming Chief Executive Gordon Smith every success.
Upon the conclusion of the meeting, the Chairman thanked Board Members, Bapco Management and employees for their dedicated role in serving the company. The Minister hailed the financial and operational performance of the Company, praising Bapco’s ability to continue its growth and prominent status locally and globally.
Dr. Mirza issued directives for continuing the fine efforts to face the challenges of the industry and enhancing Bapco’s leading status regionally and internationally.