Corporate leadership team strengthened to capitalize on world-wide opportunities an d to build shareholder value
VANCOUVER, Dec. 14, 2011 /PRNewswire/ - The Board of Directors of Ivanhoe Energy Inc. (TSX: IE) (NASDAQ: IVAN) today announced the appointment of Carlos A. Cabrera as Executive Co-Chairman as part of a realignment of the company's leadership team.
Mr. Cabrera, who joined the Ivanhoe Energy board as an independent Director in May 2010, has more than 35 years of experience in the petroleum, petrochemical and gas processing industries. Since 2009, he has served as President and Chief Executive Officer of China's National Institute of Low Carbon and Clean Energy (NICE), based in Beijing; prior to which he was Chairman, President and Chief Executive Officer of UOP LLC, a Honeywell company.
"Mr. Cabrera has the experience and first-hand knowledge of international energy markets to guide our determination to successfully capitalize on world-wide opportunities for our advanced technologies and, in the process, to ensure that we fulfill our commitment to building shareholder value," said Robert Friedland, who has been serving as Executive Chairman and Chief Executive Officer of Ivanhoe Energy Inc. since 2008 and now becomes Executive Co-Chairman."In addition to our Pungarayacu Project in Ecuador, we also see significant opportunities in Latin America, North America, the Middle East and Asia for our proprietary Heavy-to-Light upgrading process that we will be pursuing with the added benefits of his leadership and the professional recognition he has earned in his long career in the energy industry," said Mr. Friedland. Mr. Friedland also confirmed that David Dyck is continuing in his current senior executive roles as President and Chief Operating Officer of Ivanhoe Energy Inc. and as President and Chief Executive Officer of the subsidiary, Ivanhoe Energy Canada. As part of the corporate realignment, Mr. Friedland - who is Ivanhoe Energy's founding Chairman - will maintain his close involvement with the formulation and execution of the company's strategic initiatives around the world while working closely with Mr. Cabrera and Mr. Dyck. Mr. Friedland will also continue as Co-Chairman of Ivanhoe Energy's Asia-focused subsidiary, Pan-China Resources Ltd. He has discontinued his role as Chief Executive Officer of Ivanhoe Energy Inc. Robert Abboud has relinquished his position as Co-Chairman of the Board of Directors of Ivanhoe Energy Inc., while continuing as the Board's Lead Independent Director. Mr. Abboud and Mr. Friedland also will continue to serve on the Board's restructured Executive Committee with Mr. Dyck and directors Howard Balloch and Peter Meredith. Mr. Cabrera will chair the Executive Committee. Mr. Cabrera said Ivanhoe Energy's HTL upgrading technology is uniquely positioned to help satisfy the global energy industry's increasing dependence on known reserves of heavier oil.