Ali Kardon to head the National Iranian Oil Company

Ali Kardon to head the National Iranian Oil Company

Editorial Staff
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The new managing director, named by Oil Minister Biajn Zanganeh, replaces Rokneddin Javadi who will become the new Vice Minister for the supervision of hydrocarbon resources. The decision is aimed at stimulating foreign investments into the country

Ali Kardor is the new managing director of the National Iranian Oil Company (NIOC), Tehran’s state run oil company. From his role as investment chief, Kardor will not take the role that Rokneddin Javadi had held since 2013 and who has now been named Vice Minister for the supervision of hydrocarbon resources. The decision comes from Iranian Oil Minister Bijan Zanganeh. In fact, Kardor is seen as a fundamental element for the management of the new flow of foreign capital into the country, and the change at the head of the company comes during a time of disagreements with the government on the management of foreign investment and on the contractual terms offered to foreign companies. Following the lifting of the international sanctions that has affected the country, Teheran did not sign an agreement for the development of new exploration wells, but at the same time reactivated crude oil exportation to European companies like Shell. Overall, Iran today sells 400,000 barrels to the EU, a figure that, before the sanctions going into effect , represented 2/3 of its market quota. As stated by NIOC marketing chieft Mohsen Ghamsari, the new goal is 700,000 barrels.