Iran’s oil minister resigns: state media

Iran’s Oil Minister Mohsen Paknejad has resigned, state media reported on Sunday.

President Masoud Pezeshkian accepted the resignation and appointed Hamid Bovard, the chief executive of the state-owned National Iranian Oil Company (NIOC), as acting minister, or caretaker, of the Oil Ministry.

Mehdi Tabatabaei, the deputy for communications and information in the presidential office, announced the change on the social media platform X.

“With the acceptance of Mohsen Paknejad’s resignation by a decree from Dr. Pezeshkian, the President, Hamid Bord has been appointed as the caretaker of the Ministry of Oil,” he wrote.

Bovard will hold the post until a permanent replacement is named.

No official reason for Paknejad’s resignation has been disclosed. The minister had served since August 2024, when he received parliamentary approval as part of President Pezeshkian’s cabinet following the 2024 presidential election.

During his tenure he oversaw the oil sector amid ongoing international sanctions and the war with the US and ‘Israel’, including efforts to maintain and expand crude exports.

Bovard brings extensive experience within Iran’s oil industry.

He has held senior roles at NIOC and previously led major operating units, including the National Iranian South Oil Company and the Iranian Offshore Oil Company.

He was appointed NIOC managing director early in the Pezeshkian administration under Paknejad’s ministry.

The Oil Ministry is central to Iran’s economy, managing production, exports, and related industries that generate the bulk of the country’s foreign-currency earnings.

The change comes at a time of continued external pressure on Iran’s energy sector.