Iran Oil Chief Shakes Up Oil Firm in Bid to Strike Pre-election Deals

Iran Oil Chief Shakes Up Oil Firm in Bid to Strike Pre-election Deals
Oil minister Bijan Zanganeh hands the running of Iran's national oil company to a trusted ally in a push to agree long-awaited deals with global oil majors, which could be derailed by next year's presidential polls.

"And to be honest I'm not very concerned about it as my ability to invest in new projects is severely restricted at the moment by low oil prices," he added.

Others dismissed the chances of Zanganeh's changes speeding up new deals before the mid-2017 presidential election.

"The energy sector in Iran is more linked to politics than any other country," said an Iranian industry source. "I don't think we will see anything happening this year or next year."

(Additional reporting by Parisa Hafezi in Ankara, Alex Lawler in London and Bozorgmehr Sharafedin in Dubai; Editing by Alexander Smith)


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Rudolf Huber  |  June 28, 2016
And the wait is not over yet. The Iranians are in a predicament - their population expects big money out of those contracts but the current market wont allow for that. The question is - who caves in first. I have a hard time imagining that it could be the market.


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