Co-Founder and Managing Director of Gulf Petrochem Group, Mr. Sudhir Goyel, in recognition of his contribution towards the region's energy industry, has been placed within "The Top Indian leaders of the Arab World" by Forbes Middle East. Mr. Goyel received the award amongst other Indian leaders who had contributed to the development of the economy of Middle East Region.
A total of 120 Promoters and CEO’s made it to the ranking published by Forbes Middle East this year, with 22 per cent from the retail sector; 19 per cent of them in industrial sector and 7.5 per cent of diversified organisations. It was also revealed that 78 per cent of business owners had established their companies in UAE, of which Mr Goyel was one when Gulf Petrochem was founded in the UAE in 1998.
With humble beginnings, Sudhir Goyel, the MD of Gulf Petrochem Group, along with Ashok Goel came from India in the 1990s and started this organization when they saw an opportunity in exporting petroleum products across the world. Mr Goyel is instrumental in restructuring the finances of the company and also made arrangements with banks to ensure that it continues to grow exponentially. The company has trading offices spread across the globe in Dubai, Mumbai, Delhi, Geneva and Singapore.
Gulf Petrochem has subsequently developed into a $2 billion business with 650 staff working across six business units. Headquartered in Hamriyah Free Zone in Sharjah, in the UAE, it also owns an oil terminal and storage facilities in Fujairah and has another storage facility in Sharjah. Globally it has two refineries, a capacity for Grease and Bitumen manufacturing and trades across 15 countries.
Gulf Petrochem Group has now started to take keen interest in India, apart from the traditional trading business, with its Oil Terminal being set up in Gujarat and its integrated Steel Mill coming up in Madhya Pradesh. When these two projects gets fully operational, it will be one of the largest conglomerate with its footprint in India, UAE, Saudi Arabia, Tanzania, Singapore and Switzerland.
In giving Mr. Goyel the award, Forbes acknowledged the group's global ambition with trading offices in Dubai, Singapore, Mumbai, New Delhi and Geneva, new refineries in Tanzania and Saudi Arabia being built. Not stopping there, the group will also soon be opening new trading offices in london, lagos, Kuala lumpur and Sydney showcasing the rapid expansion the group have enjoyed since their inception.
Speaking about the awards Mr Goyel said, "I want to thank Forbes Middle East for presenting me with this award. It is a fantastic accolade which is a culmination of the group's effort, across our global offices, to our exponential growth and fascinating story. As the only energy company recognised within the top 100 Indian leaders by Forbes, it bodes well for the future of our company and all our stakeholders."
Commenting on the event and prestigious award ceremony, Hannah Stewart, Executive Editor at Forbes Middle East, explained: "This special occasion fits into the context of Forbes Middle East's broader vision to encourage business success across industries, sectors and demographic groups here in the Arab world. The NRI community in the UAE and the wider GCC has long played a fundamental role in shaping the business landscape of the Middle East and this event attests to the ongoing impact that Indian business professionals continue to make on the region's economies.
At the event to commemorate the leaders, Bollywood actor Shah Rukh Khan took to the stage and was joined by T.P. Seetharam, Ambassador of India to the UAE as guest of honour.