May 28
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'Shared interests' and a 'great long-term relationship': CEO of Inclusive Energy, a Habib Group affiliate, joins Pennine as director


August 3, 2016

As we tell our compelling story on the international energy stage, Pennine Petroleum Corporation’s leadership now benefits from another respected voice.

Bilal Hydrie, president and CEO of Calgary-based Inclusive Energy Ltd., has joined Pennine as an independent director, effective July 11.

Mr. Hydrie’s company is a member the Habib Group, which provides financial and banking services around the world.

His arrival provides further proof that Pennine—currently working out the final details of a production sharing agreement in Albania—is serious about capitalizing on its exploration opportunities.

“It is my honor to serve as a director on the board of Pennine Petroleum,” says Mr. Hydrie. “My primary focus will be on opportunities in Albania and Canada.

“I will welcome all challenges faced as we explore and move forward in these areas,” he adds, “while working very closely with the entire board to plan for future growth and stability within the organization.”

Inclusive Energy is an affiliate of the Habib Group, which was established in 1912 andmaintains offices in the United Arab Emirates (UAE), Pakistan, Turkey, Switzerland, the United Kingdom, Bahrain, China, Tanzania, and South Africa.

The Habib Group’s global interests beyond banking and financial services include:

  • asset management;
  • equity brokerage; and
  • manufacturing and trading refined sugar, ethanol, carbon dioxide, textiles, oil and gas, and automotives.

“We at Inclusive Energy and the Habib Group feel our shared interests with Pennine can foster a great long-term relationship going forward,” says Mr. Hydrie, “and we are optimistic about being a big part of Pennine’s future growth and vision.”

Mr. Hydrie brings experience in international finance and strong corporate governance, and will be an outstanding addition to Pennine’s board. Inclusive Energy is a specialized company focused on the sales and rental of oilfield equipment.

Mr. Hydrie is also the Habib Group’s director of North American operations, and executive director of Calgary-based Global Centurion Investments, a private equity firm focusing on the energy industry in Canada and the Middle East.

In April 2016, Pennine and Albpetrol Sh. A., Albania’s national oil company, agreed to the terms of a production sharing agreement for the Velca Block and submitted the document to Albania’s Ministry of Energy and Industry for approval.

Pennine had been confirmed in December 2015 by the Ministry of Energy and Industry in December as the successful bidder for the Velca Block, a 620-square-kilometer territory in southern Albania.

This marks the second invaluable addition of 2016 to Pennine’s board of directors. In January, Pennine announced the appointment of Richard Wadsworth, the co-founder and former president and director of Bankers Petroleum Ltd., the largest foreign investor in Albania.

(See the full Paydirt e-newsletter from August 3, 2016.)