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Parliament hands Zangeneh a vote of confidence (230 votes) to lead the Oil Ministry in President Rouhani`s second term in office.
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. Bloomberg reported.
During the first of his two terms as oil minister. from 1997 until 2005. Zanganeh enticed foreign companies. including Total and Royal Dutch Shell. to help revive Iran’s oil and gas fields after years of under-investment.
He returned to the job in 2013 and boosted the nation’s oil exports as production rose by roughly 1 million barrels a day (MMBPD) after the easing of economic sanctions in January 2016.
His latest efforts to woo investors bore fruit when Total signed a contract on July 3. to develop South Pars. Iran’s share of the world’s largest gas field — the first major investment by an international energy company since sanctions were scaled back.
“Zanganeh’s straightforward and no-nonsense approach was key in opening Iran’s petroleum sector to foreign investment in the late 1990s.“ and he was a catalyst almost 20 years later for the milestone contract with Total. Robin Mills. CEO of Dubai-based consultant Qamar Energy.
When other members of the Organization of Petroleum Exporting Countries decided last November to pump less oil to reduce a global glut. Zanganeh negotiated permission for Iran to raise output by 90.000 BPD. He preserved the special arrangement when OPEC and allied producers extended their supply cuts through next March.
