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).



Lucid Projects 5.95% Annual Growth for Saudi Electric Vehicle Market

Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
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Lucid Projects 5.95% Annual Growth for Saudi Electric Vehicle Market

Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)

Marc Winterhoff, Chief Operating Officer at Lucid Motors, has announced plans to build more customer service centers in Saudi Arabia. The company is also expanding its mobile services, equipping Lucid Air vehicles for on-the-go maintenance.

Winterhoff noted that 40% of repairs are done through mobile services, both locally and internationally. He predicted that the local market will grow by 5.95% annually over the next five years.

Speaking to Asharq Al-Awsat, Winterhoff praised Saudi Arabia’s rapid push for electric vehicles, including its goal for 30% of cars to be electric by 2030 and the expansion of high-speed charging networks.

This commitment highlights the Kingdom’s dedication to electric vehicles.

Winterhoff believes Saudi Arabia is set for more private sector innovations and clean energy investments, making it a key player in sustainable transportation.

He also pointed out the significant opportunities in the Saudi car market, particularly for electric vehicles, supported by Vision 2030 and an expected $50 billion investment, which should drive substantial growth.

Winterhoff highlighted key partnerships with Saudi Arabia, especially with the Public Investment Fund (PIF), which is the company’s largest investor and supports its global expansion.

According to Winterhoff, Lucid’s partnership with the PIF has been crucial in enabling the motor company to open its first electric vehicle factory in the Kingdom.

Winterhoff also mentioned a partnership with Electric Vehicle Infrastructure Company (EVIC) to build a high-speed charging network across Saudi Arabia. Additionally, Lucid Motors has signed an agreement with King Abdulaziz City for Science and Technology (KACST) to work on research for advanced battery technologies using KACST’s facilities and resources.

Winterhoff highlighted Lucid Motors’ plan to build more studios and service centers to get closer to customers.

The company is also launching “mobile services,” where Lucid Air vehicles are converted into mobile service units for maintenance. About 40% of repairs are handled this way, both locally and globally.

To improve home charging for new customers, Lucid is offering a 3,750 riyal ($1,000) subsidy for installing a home charger through approved providers in Saudi Arabia, plus a two-year free maintenance program.

Winterhoff noted that most Lucid vehicles can travel over 700 kilometers on a single charge, which usually lasts about a week, so customers typically need to charge only once a week.