Law establishing limited liability company issued

Rania Al Ghazzawi, Aya Al Deeb, Staff Reporters,  WAM

In his capacity as the Ruler of Abu Dhabi, President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, issued the Law No.11 of 2019 on the establishment of a company dubbed ADNOC-Sour Crude Oil Company, a limited liability company. The law was published in the latest issue of the Official Gazette issued by the General Secretariat of the Executive Council of Abu Dhabi.

Under this law, the company will have independent legal personality and the full legal capacity to carry out its activities and achieve its objectives.

Initials or a short name can be used to refer to the company, as well as changing its name based on a decision of the Board of Directors in accordance with the procedures specified in its basic regulations.

The law stipulates that the company will undertake all works directly or indirectly associated with the exploration, development, production, and transportation of oil, gas and hydrocarbons, including sour oil and all other by-products including sulfur.

It also deals with construction, operation and maintenance of all wells and facilities required for the aforementioned operations, including shutdown or any other activity approved by the Supreme Council based on recommendation of the Board of Directors.

The law sets the company’s capital at one million dirham divided into one million shares, wholly owned by ADNOC. The nominal value of a share is one dirham undividable. The capital of the company may be increased or reduced in accordance with the company’s articles of association.

As per the law, ADNOC may transfer some or all of its shares in the Company to a wholly owned by it or by the government of Abu Dhabi. ADNOC may also transfer some of its shares in the Company to any other strategic or financial partner with a prior written approval of the Supreme Council, whereas the total shares owned by ADNOC shall not be less than 51 per cent of the Company’s capital.

This Law shall take effect from the date of its issuance. It was issued on March 3, 2019 and published in the Official Gazette.

Recently, President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued an Emiri Decree no. 5 for 2019 appointing an undersecretary of the Abu Dhabi Judicial Department.

The decree, which was published in the recent edition of the Official Gazette issued by the General Secretariat of Abu Dhabi Executive Council, stipulated that Yousef Saeed Al Abri be appointed as undersecretary of the Abu Dhabi Judicial Department, effective from the date of issuance on February 7, 2019.

Sheikh Khalifa also issued another Emiri Decree no. 6 for 2019 appointing a judge and public prosecutors at the Abu Dhabi Judicial Department. Based on the decree, Mus’ab Salem Ali Mohammed Al Hosani was appointed as first instance judge from the 5th category.

The decree included the appointment of 11 male and female Emiratis as public prosecutors of the 6th category in the Judicial Department. These are Muna Mohammed Shaker Mohammed Al Balushi, Hamad Abdullah Mohammed Salem Al Abri, Ahmed Ali Issa Mohammed Al Hamdani, Hammad Mohammed Ahmad Hammad Al Ghafri, Salem Ali Musbeh Salem Al Kaabi, Aisha Ahmad Hamad Saleh Al Kaabi, Rashid Salem Mubarak Saeed Al Awani, Hamed Ahmed Al Soudi Sulaiman Al Derai, Huda Jaafar Abdulrahman Mohammed Al Baluki, Mohammad Abdullah Abdullah Fadl Al Hammadi and Saud Mubarak Khamis Saeed Al Shamsi.

The decree states that it shall be implemented from the date of its issuance, issued on 7 February 2019.

The decree stipulates that it should take effect from the date of issuance on February 7, 2019.

Recently, the Khalifa bin Zayed Al Nahyan Foundation held its eighth group wedding in Bahrain, which involved 1,080 young men and women.

The group wedding was held on the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, with the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown