Iran oil hopeful may purge old order, woo investors

Iran’s new oil minister is expected to purge the state-run National Iranian Oil Co (NIOC) but still keep an open mind towards foreign investment in the world’s fourth largest crude producer.

A tall order for oil industry outsider Ali Saeedlou, if, as expected, the acting mayor of Tehran gets Parliament’s stamp of approval in the coming days.

Iran’s conservatives now occupy all the main offices of power and are under pressure to be successful, which would mean luring foreign money into the energy sector. But the hardline camp has also vowed to favour domestic investors.

Reuters