Dubai: FAL Oil Co. appointed Mohammad Al Sari as general manager, according to the company’s website.
Al Sari replaces Mohammad Osman, information on the website showed. Osman couldn’t be reached for comment Thursday on his mobile telephone, and a secretary at his office in the emirate of Sharjah said he was on vacation. FAL made no immediate official comment on the management change.
The Financial Times reported Thursday that FAL has asked creditors for $605 million in working capital during debt-restructuring talks. The newspaper also reported the termination of Osman’s contract, without citing anyone.
The US government imposed financial restrictions on FAL in January because the company sold oil products to counterparts linked to Iran, the target of US economic sanctions. FAL said the US action was “based on a misunderstanding of FAL Oil’s petroleum trading activities.”
Pakistan State Oil Co censured FAL in October for non-delivery of fuel oil, according to a notice on the Pakistani company’s website. FAL is also in a dispute with Sharjah over billing for oil products it sold to the government there.
