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Tuesday, 8 August 2017

OPEC Veteran Zanganeh Tapped to Return as Iran Oil Minister - Bloomberg

OPEC Veteran Zanganeh Tapped to Return as Iran Oil Minister - Bloomberg:

"Iran’s President Hassan Rouhani proposed the reappointment of its longest-serving oil minister, Bijan Namdar Zanganeh, who fought to restore crude production and closed a landmark deal with Total SA to develop the Persian Gulf country’s share of the world’s biggest natural gas field.

Rouhani submitted names of his cabinet nominees, including Zanganeh, for parliamentary approval, Tasnim news agency reported Tuesday. Zanganeh, a 65-year-old engineer who served two presidents as oil minister, succeeded in shielding Iran from joining global cuts in crude production by OPEC and other major suppliers. Parliament is set to vote on his reappointment starting next week, according to state media.

During the first of his two terms as oil minister, from 1997 until 2005, Zanganeh enticed foreign companies including Total and Royal Dutch Shell Plc to help revive Iran’s oil and gas fields after years of under-investment. He returned to the post in 2013 and boosted the nation’s oil exports as production rose by about 1 million barrels a day after the easing of economic sanctions in January 2016."

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