‘Developments’ regarding owner of Oilmar trigger buy-out process of shares

UAE-based marine fuel and petroleum products trader Oilmar DMCC said the company’s management has commenced the process of acquiring all shares of Oilmar in response to recent developments regarding its Ultimate Beneficial Owner and media reports. 

In a statement posted by the company on its social media on Wednesday (24 September), Oilmar did not name the said owner or elaborate on the media reports.

“In response to these circumstances, and to safeguard the interests of our stakeholders, the Company’s management has already commenced the process of acquiring all shares of ‘Oilmar’ DMCC,” Yusif Mammadov, CEO of Oilmar, said. 

 “This buy-out process is actively underway and is expected to be finalized within the next few days. This strategic move aims to ensure the continuity of our operations and protect the business from any potential disruption during the investigation period.”

Founded in 2015, he said Oilmar proudly celebrates over ten years of dedicated service, characterized by high standards of ethics, compliance, and operational excellence. 

“We remain committed to upholding these values as we move forward,” he said. 

“We strongly encourage all stakeholders, including employees, clients, partners, financial institutions, and media to rely only on official Company communications and to refrain from referencing or circulating unverified information.”

He assured the company’s stakeholders that this matter will not impact its day-to-day operations or its ability to deliver high-quality services. 

“We will continue to operate as usual, maintaining the same standards of integrity and professionalism.”

“(The) Company will provide updates only based on verified and confirmed information, and we remain confident that this matter will be resolved swiftly,” he added. 

Photo credit: Manifold Times
Published: 25 September, 2025