CORAL ENERGY ANNOUNCES REBRANDING TO HIGHLIGHT NEW STRATEGIC VISION AND GLOBAL GROWTH INITIATIVES

Embracing innovation and sustainability to drive future growth in the global energy market 

DUBAI, UAE, July 23, 2024 /PRNewswire/ -- Coral Energy is proud to announce its rebranding initiative as the company expands and refines its operations. This change reflects the management's commitment to further diversify its footprint and continue to mark its separation from the past. 

Since 2022, Coral Energy has undergone a comprehensive transformation, including a successful management buyout. This has enabled the company to develop new strategic geographic regions and bring on board professionals with extensive experience in European and Western markets to develop business opportunities.

"We are very excited to embark on this new journey and redefine the future of our company" said Ahmed Karimov, CFO of Coral Energy. "This upcoming rebrand is more than just a name change; it symbolizes our commitment to innovation, sustainability and transparency. We are enthusiastic about the opportunities that lie ahead and are confident that our new direction will lead to continued success." 

The management buyout, completed in April 2024, emphasized transparency and improved business processes. Best practice guidelines, know-your-customer (KYC) standards, and compliance procedures are central to the company's operations, enhancing risk management and operational efficiency. This strategic decision strengthens decision-making procedures. Additionally, business processes focus on in-depth employee training and development, improving knowledge in compliance, risk management, and sustainable practices.

"We have implemented stringent new compliance measures to ensure the highest standards of ethical behavior and transparency," said Karimov. "These improvements are an important part of our strategic rebranding and expansion efforts. We are committed to fostering a culture of integrity and accountability, and we look forward to a bright future for the new Coral Energy as we continue to grow and innovate." 

The management team has implemented various automated and manual compliance checks and screenings using real-time data to ensure the deployment of compliant vessels and full adherence to sanctions regulations. Coral Energy has strengthened these measures to transform its business, focusing on operational excellence and innovation. The company ceased all activities with a connection to Russia in 2022. 

SOURCE Coral Energy