RAK Petroleum Names New CEO

RAK Petroleum announced that Bijan Mossavar-Rahmani has been named Chairman of the Board of Directors and Chief Executive Officer. Mr. Mossavar-Rahmani was previously Chairman of the Executive Committee of the Board of Directors and Managing Director. He succeeds Abdul Aziz Al Ghurair who stepped down after four years as the Board Chairman.

"I am pleased to continue to serve our shareholders in this new role and grateful to my predecessor for his leadership during the Company's startup phase," Mr. Mossavar-Rahmani said. "Mr. Al Ghurair has offered to continue to provide support to RAK Petroleum and my colleagues on the Board and I look forward to his ongoing association with the Company," Mr. Mossavar-Rahmani added.

The Board also named two others to its ranks, Ambassador Zalmay Khalilzad and Amir Ali Handjani. Ambassador Khalilzad is Chairman of Khalilzad Associates LLC, having previously served as US Ambassador to the United Nations, Iraq and Afghanistan. Mr. Handjani is a Director of Taylor-DeJongh International and was formerly General Counsel of RAK Petroleum.