Addition of senior energy experts from USA-based CME Group and Singapore-based Concord Energy brings DME into closer integration with CME Group and strengthens its growing presence in East of Suez markets
Dubai, January 31, 2013 - The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, has strengthened its board of directors with the appointment of two new directors who bring DME into closer integration with the CME Group, a majority shareholder in DME and the world's leading and most diverse derivatives marketplace and enhance DME's position in East of Suez oil futures trading. Daryl James Pattison, a 43 year oil industry veteran and former Vice President & Energy Futures Manager at Goldman Sachs in New York, who leads Singapore-based Concord Investments at Concord Energy PTE Ltd, one of South East Asia's leading crude oil and refined products trading companies, and Ken Vroman, CME Group Senior Managing Director, Commodities and Information Products & Services, will join the DME board effective immediately.
"The addition of Daryl James Pattison and Ken Vroman to the DME board will greatly strengthen Dubai Mercantile Exchange on two critical fronts," said DME Chairman Ahmad Sharaf. "Daryl brings a depth and breadth of experience in energy, from his tenure as Vice-President and Energy Futures Manager at Goldman Sachs, to his term as President of Mumbai-based Essar Oil to his current position as Managing Director of the Singapore-based Concord Energy's Investment Division. His decades of experience in Asia will definitely bolster our position in the high demand East of Suez energy markets. We look forward to his insight and guidance."
"Equally important for DME is Ken Vroman's participation on the board," said Sharaf. "With CME Group’s recapitalization last year, the company sees in DME the future of an East of Suez oil futures trading platform and price discovery benchmark and has invested in DME accordingly. Having one of CME Group's senior executives on the board is a huge advantage for DME, and we firmly believe that Ken will bring a real-time understanding of commodities trading as well as the CME Group's information products business, which is vital to derivatives trading today."
As Managing Director of Concord Investment, Daryl Pattison is responsible for development of all capital projects in both upstream and downstream assets. Over his long career he has built a wealth of international experience in the energy industry specializing in all aspects of the commercial sector from General Management, Trading, Supply, Shipping, Project Development and Risk Management in both the upstream and downstream sectors.
Ken Vroman serves on the CME Group management team as Senior Managing Director, Commodities and Information Products and Services. He is responsible for overseeing the company’s energy, agricultural and metals commodities business, as well as information products. He joined CME Group in 2001 and has held a variety of senior leadership roles since that time, including executive positions in information technology services and corporate development.
"The expertise and incisive knowledge of the global energy markets our new board members bring to the table will be a great asset to the DME as we build on our sustained growth in liquidity and our efforts to establish a global oil benchmark that combines the world's largest crude reserves here in the region with the growing demand for sour crude oil bound for East of Suez markets," Sharaf added.
The new Board Members replace Avinash Pangarkar and Hesham Al Qassim.
For more information, please contact:
Heather Astbury, Director Corporate Communications at DME on heather.astbury@dubaimerc.com or +971 50 6523754
Walid Majzoub at TRACCS (PR agency) on walid.majzoub@traccs.net or +971 4 3672530
