SHANA -- The CEO of the National Iranian Oil Company (NIOC) appointed Hamid Reza Masoudi as the new head of Petropars Ltd. (PPL).

Masoudi replaced Hamid Akbari as Petropars CEO on Wednesday.

Established in 1998, Petropars Ltd. (PPL) was founded in order to contribute towards the development of Iran’s vast energy resources. PPL specializes as a developer of exploration, exploitation and production in upstream projects.

Over the course of the past 20 years, PPL has carried out at total of 20 billion dollars of projects, said Mr. Akbari during his farewell ceremony.

He said the company has been successful in all the projects it has undertaken since its establishment and had obtained the customers’ satisfaction.

PPL has directly or indirectly contributed to completion of at least 11 phases of the supergiant South Pars gas field in the Persian Gulf, said Akbari.

The former PPL CEO said thanks to the company’s projects, a total of 311 million cubic meters per day of natural gas (an equivalent of 11 billion cubit feet) and 500,000 barrels per day of gas condensate had been added to the country’s total production capacity.