UAE-based marine fuel and petroleum products trader Oilmar on Tuesday (16 June) announced the formal establishment of its Board of Directors, marking an important milestone in the company’s evolution. The three directors are Chief Executive Officer Yusif Mammadov, Chief Finance Officer Nain Shafi, and Legal, Credit and Compliance Head Taira Shikhiyeva. The formation of the Board was first communicated during Oilmar’s Q1 2026 Townhall as part of a wider governance enhancement initiative and has now been formally implemented. The Board has been established to provide strategic direction, oversee risk management and governance matters, and support the company’s continued growth across its global operations. “At inception, the Board comprises three Directors with extensive international experience across the energy, maritime, shipping, and commodity trading sectors. Together, they bring a wealth of industry knowledge and strategic expertise to support the company’s continued growth and development,” the company said. “The Board is expected to be further strengthened through the appointment of additional Executive and Non-Executive Directors as the company continues to expand its international footprint.” As part of the enhanced governance framework, strategic direction, risk appetite, and key business objectives will be determined at Board level, while regional management teams will remain responsible for execution within their respective markets. This structure strengthens accountability, promotes effective decision-making, and supports the Company’s long-term growth and succession objectives. CEO Yusif Mammadov , said: “The establishment of the Board marks the next stage in Oilmar’s development as a global energy and marine fuels business. It creates a governance framework that will support our future growth, strengthen oversight across the organisation, and ensure that our strategic decisions are guided by long-term value creation