FAL Oil Co., a United Arab Emirates- based energy trader that’s under U.S. financial restrictions for links to Iran,, appointed Mohammed Al Sari as general manager according to the company’s website.
Al Sari replaces Mohammed Osman, the website showed. Osman couldn’t be reached for comment today on his mobile telephone, and a secretary at his office in the emirate of Sharjah said he was on vacation. FAL referred questions about Osman to Nehad Shaqra, listed on the website as a fuel-oil trader. Shaqra, contacted by phone, said he was in a meeting and unable to comment.
The Financial Times reported today 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 U.S. government imposed financial restrictions on FAL in January because the company sold oil products to counterparts linked to Iran, the target of U.S. economic sanctions. FAL said the U.S. action was “based on a misunderstanding of FAL Oil’s petroleum trading activities.”
Pakistan State Oil Co. (PSO) 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, one of the U.A.E.’s seven emirates, over billing for oil products it sold to the government there.
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