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Sunday, 14 May 2017

As goes Iran’s election, so goes its oil sector | The National

As goes Iran’s election, so goes its oil sector | The National:

"Not only western elections feature populists with reckless economic plans. Where the former Iranian president Mahmoud Ahmadinejad promised to "put the oil money on the tablecloth", challengers in the current election pose a danger to the country’s vital oil industry.

In (often unreliable) polls, the incumbent Hassan Rouhani has a strong lead over his two closest challengers, the hardline cleric Ebrahim Raisi and the conservative Tehran mayor Mohammed Bagher Ghalibaf. If he does not win outright, there would be a run-off a week later.

Mr Ahmadinejad’s tenure was disastrous for the Iranian petroleum industry. He took office promising to clear out the "petroleum mafia", but raised oil ministry employment from 100,000 to 250,000, fired experienced managers and installed cronies. Billions of dollars of oil revenue went missing in corruption scandals and insider privatisations. Long negotiations with international oil firms led only to dozens of preliminary agreements."

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