Iranian Oil Minister Appoints New Head Of National Oil Company - NIOC

MOSCOW (UrduPoint News / Sputnik - 18th November, 2018) Iranian Petroleum Minister Bijan Zangeneh appointed the country's former Economy Minister Masoud Karbasian as the new managing director of the National Iranian Oil Company (NIOC), the company reported on Sunday.

The minister also issued a decree appointing Karbasian NIOC board member for a four-year term.

The move comes after the resignation of the former head of NIOC, Ali Kardor.

In August, the Iranian parliament impeached Karbasian over lack of transparency in the country's economy, Currency volatility and disorder in the banking system.

NIOC is a 100-percent subsidiary of the Iranian Petroleum Ministry. The company's responsibility includes the exploration, production, transportation and export of crude oil, as well as the exploration and production of natural gas.