Oilmar has formally established its first Board of Directors, transitioning to a formalized governance framework to manage risk and anchor its next phase of global expansion. The foundational three-member board, comprising CEO Yusif Mammadov, CFO Nain Shafi, and Head of Legal, Credit & Compliance Tahira Shikhiyeva, will oversee macro strategic objectives, while regional management teams maintain autonomous execution across local marine fuel markets.
Dubai, UAE | June 16, 2026 – Marine fuels and energy trading company Oilmar FZCO has officially established its first Board of Directors, marking a significant structural milestone aimed at supporting the company’s rapid international expansion through a strengthened governance framework.
The transition from a centralized management structure to a formal board-level oversight model represents a strategic evolution for the Dubai-headquartered firm. It also reflects a broader trend among leading maritime and energy trading companies seeking to institutionalize governance and risk management practices amid increasingly complex global markets.
From Townhall Blueprint to Formal Implementation
The foundations of the governance initiative were first outlined during Oilmar’s Q1 2026 Townhall, where executive leadership presented a roadmap for organizational development. With the formal establishment of the Board, those plans have now been translated into a governing body responsible for overseeing the company’s long-term sustainability and commercial direction.
According to the company, the Board has been established to support Oilmar’s next phase of development following the successful completion of its Management Buy-Out in 2025 andwill focus on three key areas:
- Strategic Direction: Defining long-term corporate objectives, growthpriorities, and geographic expansion plans.
- Risk Management: Strengthening oversight of credit exposure, compliance,and market risks associated with global bunkering and commodity trading activities.
- Corporate Governance: Implementing governance and compliance frameworksdesigned to meet the expectations of banking partners, trade finance providers, and regulatory authorities.
Board Composition and Decentralized Management Structure
At inception, the Board comprises three directors with extensive international experience across the energy, maritime, shipping, and commodity trading sectors.
Profiles of the Inaugural Board
Yusif Mammadov (CEO & UBO)
- As Chief Executive Officer and Ultimate Beneficial Owner of Oilmar, Yusif Mammadov has been a key driver of the company’s transformation and growth.
- He began his professional career in banking, becoming one of the youngest specialists licensed by the Central Bank of Azerbaijan for senior executive-level positions before transitioning into the maritime and energy sectors.
- Under his leadership, Oilmar has evolved from a traditional chartering and shipping company established in 2015 into a global bunker and cargo trading business operating across six international hubs and employing more than 60 professionals.
- In 2025, Mammadov completed a 100% management buyout (MBO) of Oilmar FZCO through backing from an independent investment fund.
- He holds an MBA jointly delivered by Azerbaijan State Oil and Industry University and Georgia State University in Atlanta, United States.
Nain Shafi (CFO)
- Nain Shafi is a Fellow Chartered Accountant (FCA) of the Institute of Chartered Accountants in England and Wales (ICAEW)and brings more than 15 years of international finance experience to the Board.
- Prior to joining Oilmar as Chief Financial Officer in 2023, Shafi led financial transformation initiatives and assuranceengagements at PricewaterhouseCoopers (PwC), focusing on the energy and shipping sectors. He also served as Group Financial Controller of London-listed Gulf Marine Services PLC.
- A graduate of Queen Mary University of London with a BSc in Economics and Finance, Shafi has built a strong reputation withinthe banking community, successfully securing and managing complex trade finance and working capital facilities through longstanding relationships with leading financial institutions in Europe and the UAE. He brings extensive experience in corporate governance,financial strategy, capital allocation, treasury management, and structured financing, providing valuable oversight and strategic guidance to the Board.”
Tahira Shikhiyeva (Head of Legal, Credit & Compliance)
- Tahira Shikhiyeva brings over 14 years of international experience across the oil & gas, commodities, maritime, and shippingsectors, specializing in legal, credit risk, compliance, sanctions, and corporate governance matters.
- Appointed Head of Legal, Credit & Compliance at Oilmar FZCO in April 2025, she is responsible for overseeing the Company’slegal, credit, compliance, and governance functions. She previously managed high-value dispute resolution matters, multi-jurisdictional vessel arrest proceedings, debt recovery actions, vessel sale and purchase transactions, and the establishment of vessel-owningand trading structures across multiple jurisdictions as the Company’s corporate lawyer.
- Her professional background includes senior legal counsel positions with Equinor Azerbaijan Karabagh B.V., a subsidiaryof Equinor ASA, listed on the Oslo and New York Stock Exchanges, and Karabakh Joint Operating Company where she supported offshore oil field development project in the Azerbaijani sector of the Caspian Sea under a Risk Service Agreement with the Governmentof Azerbaijan. She also served as Secretary to steering and management committees overseeing one of the region’s major offshore energy developments.
- Ms. Shikhiyeva holds an LL.B. from Baku State University and is currently undertaking executive MBA studies through theTRIUM Global Executive MBA programme, jointly delivered by the London School of Economics and Political Science (LSE), HEC Paris, and NYU Stern School of Business.
As the company continues to expand its global bunkering, oil trading and chartering operations, additional Executive and Non-Executive Directors are expected to be appointed. The planned expansion is intended to enhance independent oversight and broaden the Board’s collective expertise.
Key Structural Dynamics
- The Board Level: Acts as the central governing authority, shifting thecompany away from its historical centralized leadership model to focus purely on macro-level value creation, policy, and strict risk oversight.
- Regional Management Teams: Retain full execution mandates across Oilmar’ssix international hubs (including Singapore, Greece, Turkey and South Korea), ensuring local trading desks can react instantly to fast-moving marine fuel market dynamics without administrative bottlenecks.
- The Strategic Objective: This clean division of labor is intentionallydesigned to maximize localized commercial agility while maintaining strict corporate accountability and preventing compliance blind spots.
Concurrently, Oilmar is adopting a decentralized operating structure designed to balance governance oversight with commercial agility.
Under the new framework:
- The Board will determine overall corporate strategy, risk appetite, and long-term business objectives.
- Regional management teams will retain responsibility for execution within their respective bunker and shipping markets.
The structure is intended to enhance accountability while enabling regional teams to respond quickly to local market dynamics. At the same time, it provides centralized oversight designed to mitigate operational and risk-management blind spots often associated with rapidly growing trading organizations.
Executive Commentary
Commenting on the establishment of the Board, Chief Executive Officer Yusif Mammadov said the move represents an important step in the company’s long-term development.
“The establishment of the Board marks the next stage in Oilmar’s development as a global energy and marine fuels business,” Mammadov said. “It creates a governance framework that will support our future growth, strengthen oversight across the organization, and ensure that our strategic decisions are guided by long-term value creation and responsible risk management.“
The Broader Context
Oilmar’s transition comes at a pivotal time for the marine fuels sector. As the industry navigates the complexities of the energy transition, tighter credit conditions, and increasingly demanding compliance requirements, governance, transparency, and risk management have become critical differentiators for trading firms.
By implementing a formal Board structure alongside decentralized regional operations, Oilmar is positioning itself for continued growth while strengthening its institutional credibility. Such governance models are increasingly favored by trade finance banks and financial institutions in Europe and the Middle East, where robust oversight frameworks are often a prerequisite for extending substantial credit facilities to commodity and marine fuel traders.
For further information regarding Board appointments, stakeholders may contact Oilmar’s corporate headquarters in Dubai
About Oilmar
Headquartered in Dubai, Oilmar is a global energytrading house celebrating a decade of operations in 2026. With a team of over 60 professionals across six global hubs, the firm provides end-to-end bunkering and cargotrading services. Following a successful Management Buy-Out (MBO), the company is currently executing a worldwide expansion strategy fueled by independent leadership and a focus on sustainable maritime growth.
Source: Oilmar