RAK Petroleum general meeting elects board members

The first meeting of the Board of Directors held later elected Abdul Aziz A. Al Ghurair as Chairman of the company.

The setting up of RAK Petroleum marks Ras Al Khaimah's ambitious foray into the energy sector industry in the region. The firm has been set
up with the objective of initiating, participating, investing and developing energy-related projects, assets, ventures and businesses in the GCC markets and beyond.

"It is the start of a great business venture that holds promise to become a major milestone in the industrial sector of the country",
Abdul Aziz Al Ghurair said. He expressed confidence that the new venture will attract substantial investments into the emirate of Ras
Al Khaimah.

RAK Petroleum has a paid up capital of AED 3 billion that has been fully subscribed to and paid by the founding shareholders. The
Government of Ras Al Khaimah has been a key promoter of the project and is also a strategic investor in the company through its fully
owned subsidiary RAK Gas.

Dr Izzat Dajani, CEO of the Investment and Development Office (IDO) of the Government of Ras Al Khaimah, which has been the Lead Manager and financial advisor throughout the private placement said that RAK Petroleum will be engaged in setting up and management of
petrochemical projects and upstream exploration and production of oil and gas, both regionally and globally.

It will also be engaged in setting up of vertically integrated refineries and other industries that the company finds fit and in line with its objectives.

The AED 3 billion capital has been subscribed to by leading institutions from UAE, GCC and some international companies in addition to local and regional high net worth individuals and
strategic partners. "The overwhelming response to RAK Petroleum reflects the confidence of investors in the emirate of Ras Al Khaimah
under the visionary leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and in the energy
sector that the company is investing in", Dr Dajani added.

The entire capital has been raised through private placements and a Private Placement Memorandum (PPM) has been issued to the subscribers.

It is learnt from reliable sources that the company will be going public at a time that the Board of Directors chooses. The extraordinary general meeting approved a capital increase by a further AED 2 billion to make the total capital of the company AED 5 billion. The capital increase will take effect when the company decides to go public through an IPO.

"RAK Petroleum is entering into strategic alliances with regional and international partners to develop its projects and has already signed agreements which will be announced soon", Dr Dajani said The company has appointed Price Water Coopers as auditors and reporting accountants, Al Tamimi and Co. as legal advisors, Stone and Webster (UK) as Technical Advisors and Energy Projects Development
Ltd. (UK) as Project and Marketing Advisors.

Dr. Dajani said that the company will be managed by a highly qualified team of experts under the guidance of a very focused board of directors.

"RAK Petroleum has clear and long term plans to become the major industry player in the energy, petroleum, petrochemical and oil and gas sectors", he added.

The other members of the board of directors are H.E Sultan Saeed Al Mansouri, Sheikh Khalid bin Saqr bin Sultan Al Qasimi, Sheikh Saqr bin
Humaid A. Al Qasimi, Naser Mohamed Al Sharhan, Hussein Sultan Al Jenaidi and Ali Sameer Al Shahabi.