Iran's new international oil chief comes from NIOC

Apr 27, 1998 02:00 AM

Iran's petroleum ministry has appointed Mehdi Husseini as its new Under-secretary for International Affairs.
Husseini, previously exploration head at the National Iranian Oil Company (NIOC), will have responsibility over Iran's current and future "buy-back" projects with foreign firms and all joint ventures.
The US is aiming to stifle foreign investment in Iran's oil and gas sector through the 1996 Iran-Libya Sanctions Act (ILSA) which threatens sanctions against foreign firms that invest $ 20 mm or more a year in Iran's energy business.
Iran is planning to offer more than 20 oil and gas projects to international firms this year, adding to deals already in place with foreign firms to develop offshore oil and gas fields.
Husseini's appointment means also that a muted reorganisation at NIOC's international affairs department which would have divided the department largely on the basis of specific buy-back projects has effectively been dropped.
Husseini replaces Mohammad Hadi Nejad-Hosseinian who has become Iran's permanent representative at the UN.

Source: not available
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