SHANA -- Iranian Minister of Petroleum Bijan Zangeneh appointed Masoud Karbasian as the new CEO of the National Iranian Oil Company (NIOC) on Sunday.

Earlier today, the official had issued a decree appointing Mr. Karbasian as a member of the company’s board of directors of four years.

Masoud Karbasian is an Iranian economist who was minister of finance from August 2017 until August 2018. He previously held office as ex-officio vice minister of finance, heading Iran's Customs Administration.

Karbasian has replaced Ali Kardor as NIOC CEO who stepped down from his post because of retirement.