DUBAI, UAE, June 26, 2024 — Coral Energy has successfully completed a management buyout (MBO), a major step for the company. This strategic move strengthens Coral Energy’s commitment to continued growth, efficiency, and transparency under the leadership of its senior management team. The complete buyout by management executives from the founding shareholder was finalized in April 2024.

“This management buyout marks the start of a new chapter for Coral Energy,” said Mr. Ahmed Kerimov, CFO of Coral Energy. “This transition highlights our leadership’s dedication and aligns our strategic goals to drive future growth and innovation while focusing on our core strengths.” 

This strategic realignment is a key step in line 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 collaborating with policymakers and banking partners to develop comprehensive compliance measures. Coral Energy aims to align itself with evolving regulatory frameworks and uphold the highest ethical standards.  

“Expanding our trading operations demonstrates our dedication to compliance and proactive approach to navigating the complex regulatory environment,” added Mr. Ahmed Kerimov, CFO of Coral. “We believe that working closely with policymakers and banking partners will strengthen our ability to implement robust compliance measures, protecting 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 strong 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