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Iran Oil Ministry Limits Senior Managers to 4-Year Terms

Source: Bloomberg 7/30/2018, Location: Asia

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Iran’s Oil Minister Bijan Namdar Zanganeh is imposing four-year term limits for all top oil managers at state-run energy companies, with the rule taking effect in October. The new order applies to managing directors, board members, deputies and senior executives who have held the same post since Oct. 23, 2014, or earlier, the semi-official Mehr news agency reported, citing an Oil Ministry statement. The rule will affect the National Iranian Oil Co., National Iranian Gas Co., National Iranian Oil Refining & Distribution Co. and National Petrochemical Co., it said.

The report didn’t identify any managers who will be asked to step down, nor did it specify who will replace them.

The limits will go into effect as the U.S. prepares to reimpose sanctions on Iran beginning Nov. 4. American President Donald Trump, accusing the Persian Gulf country of financing terrorism, has withdrawn from a 2015 nuclear accord that lifted sanctions and wants to reduce Iran’s oil exports to zero from their current level of about 2.5 million barrels a day. Iran is working with European nations, Russia and China to try to preserve the accord.

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