Iran’s petroleum minister; Bijan Zanganeh has appointed Ali Kardor as the new Chief Executive Officer of the National Iranian Oil Company, NIOC. Prior to his recent appointment, Kardor had served as NIOC’s deputy director of Investment and Financing. He takes over from Rokneddin Javadi, who resigned as the company’s head earlier in the year.
Javadi has reportedly been reappointed as the deputy minister of supervision on hydrocarbon resources of the NIOC. Iran had expressed its resolve to increase the 400,000 bpd it is currently selling to the EU to 700,000. The national Oil firm had approved $7 billion of investments in three oil and gas fields in the Persian Gulf.
Reports say Zanganeh made the reshuffle due to disagreements by some government officials over how to handle foreign investments and the kind of terms to be offered to foreign companies, a development that was said to have contributed to delays in tendering new oil-development contracts, the Wall Street Journal reported.