August 23, 2013

CAPITALISM, NOT JUST DEMOCRACY:

Iran Oil Industry Buoyed by New Minister (WSJ, 8/16/13)

Bijan Zanganeh was approved by Parliament late Thursday as part of a largely technocratic cabinet nominated by Iran's new president, Hassan Rouhani. [...]

Mr. Zanganeh's eight-year tenure under former reformist president Mohammad Khatami, who accelerated efforts to open up the economy, is remembered by many officials and foreign companies as a golden age for the country's oil industry.

After offering so-called buy-back contracts that gave a share of production to foreign companies in exchange for covering oil field costs, Mr. Zanganeh attracted billions in investment from European giants like Norway's Statoil ASA (STO), France's Total SA (TOT) or Italy's Eni SpA (E). That drove up its crude oil production 10% to 4.1 million barrels a day, according to statistics from the U.S. Department of Energy.

Posted by at August 23, 2013 5:07 AM
  

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