DUBAI, UAE, June 26,
2024 /PRNewswire/ -- Coral Energy proudly announces
the successful completion of its management buyout (MBO), marking a
transformative milestone for the company. This strategic initiative
reinforced Coral Energy's commitment to continued growth,
operational excellence, and transparency under the leadership of
its senior management team. The full buyout by the management
executives from the founding shareholder was completed in
April 2024.
"Our management buyout marks the beginning of a new chapter for
Coral Energy," said Mr. Ahmed
Kerimov, CFO of Coral Energy. "This transition underscores
our leadership's dedication and aligns our strategic interests to
drive future growth and innovation while focusing on our key
strengths."
This strategic realignment is an important step coherent with
Coral Energy's earlier suspension of its trading business in
Russia at the end of 2022. This
decision reflects Coral Energy's commitment to working
collaboratively with policymakers and banking partners to develop a
comprehensive compliance regimen. Coral Energy aims to align more
closely with evolving regulatory frameworks and ensure adherence to
the highest standards of ethical conduct.
"Expanding our trading operations demonstrates our commitment to
compliance and proactive approach to navigating the complex
regulatory landscape," added Mr. Ahmed
Kerimov, CFO of Coral. "We believe that working closely with
policymakers and banking partners will enhance our ability to
implement robust compliance measures, safeguarding our operations
and supporting global energy market stability."
Strategic Realignment and Compliance
Coral Energy sources its oil primarily from the MENA region. The
company has implemented rigorous due diligence and screening
processes to ensure compliance with international sanctions and
regulatory requirements. These include automated tools and manual
checks to vet vessels, counterparties, and transactions. Reporting
directly to the Board of Directors, the compliance department
oversees these processes, supported by dedicated compliance
officers and external advisors.
Future Outlook
Coral Energy plans to expand its operations, including
establishing a subsidiary in Switzerland. This entity will act as a
principal for a portion of the group's trading activities,
enhancing Coral's global presence and operational
capabilities.
About Coral Energy
Coral Energy is a leading energy company specializing in the
trading and distribution of energy commodities. With a solid
commitment to operational excellence, Coral Energy serves a diverse
portfolio of clients across the globe. The company's experienced
team and innovative approach drive its mission to deliver reliable
energy solutions.
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SOURCE Coral Energy