Oil Ministry changes management duration

The Oil Minister, Bijan Zanganeh, is imposing four-year term limits for all top oil managers at state-run energy companies, writes Bloomberg. The new rule will take place since October 2018 and it will affect the National Iranian Oil Co., National Iranian Gas Co., National Iranian Oil Refining & Distribution Co. and National Petrochemical Co.

The Oil Ministry has also started to replace the managers and CEOs who are already retired. This new rule was passed by the Parliament and prohibits all governmental organizations and companies from hiring people who have full filled 30 years of work, according to the Iranian rule of retirement.