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Iran Appoints National Oil Company CEO

Iranians walk past shops in a street in Tehran on August 27, 2024. (Photo by ATTA KENARE / AFP)
Iranians walk past shops in a street in Tehran on August 27, 2024. (Photo by ATTA KENARE / AFP)
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Iran Appoints National Oil Company CEO

Iranians walk past shops in a street in Tehran on August 27, 2024. (Photo by ATTA KENARE / AFP)
Iranians walk past shops in a street in Tehran on August 27, 2024. (Photo by ATTA KENARE / AFP)

Iran's new oil minister Mohsen Paknejad appointed Hamid Boord as CEO of the National Iranian Oil Company (NIOC), Iran's oil ministry news agency SHANA reported on Thursday.
"By order of the oil minister, Hamid Boord has been appointed as deputy oil minister and CEO of the National Iranian Oil Company," SHANA said.
The minister also appointed members of the company's administrative board, SHANA added.
Paknejad was approved as Iran's new Oil Minister on Aug. 21, part of Masoud Pezeshkian's unity cabinet.
Iran is a major producer within the Organization of the Petroleum Exporting Countries (OPEC).

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PM: Egypt Eyes Shift from Commodity Subsidies to Cash Payments by July 2025

FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
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PM: Egypt Eyes Shift from Commodity Subsidies to Cash Payments by July 2025

FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt could begin transitioning from subsidizing essential commodities to providing direct cash assistance to its poorest citizens as early as the next fiscal year (July to June), Prime Minister Mostafa Madbouly said on Thursday.
Currently, Egypt subsidizes essential commodities for more than half of its population. Over 60 million people have access to discounted prices on staples like pasta, vegetable oil and sugar through state-run outlets, while at least 10 million more benefit from subsidized bread.
“There is widespread consensus that cash subsidies are the way forward,” Madbouly told a press conference, noting that the Ministry of Supply, which oversees Egypt’s subsidy program, is exploring various scenarios for this significant policy shift.
Madbouly expressed optimism that the initial phase of the transition could start in the upcoming fiscal year, provided that consensus was reached on the matter at a year-old national political dialogue that is discussing a variety of reforms.
However, Reuters said that he emphasized that the transition would unfold gradually, in several stages.
The National Dialogue, initiated by President Abdel Fattah al-Sisi in April 2022 amid one of Egypt’s most severe economic crises, aims to generate political, economic, and social reform recommendations for the President's consideration.
The government also subsidizes fuel but has outlined plans to reduce these subsidies, aiming to restore fuel prices to their full cost by December 2025.