Coral Energy Completes Management Buyout, Puts Focus on Expansion and Compliance

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Jun 26, 2024, 03:31 ET

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.

SOURCE Coral Energy