Free Republic

Iran’s oil minister, Mohsen Paknejad, has resigned and been replaced by the country’s top oil executive, the president’s office says in a statement, amid a blockade on Tehran’s oil exports by the United States. “Following the acceptance of Mohsen Paknejad’s resignation, Hamid Bovard,” the CEO of the National Iranian Oil Company, “has been appointed as acting Minister of Oil by a decree from the president,” says the statement carried by state broadcaster IRIB. In a news bulletin on the minister’s resignation, state television runs an interview with an official from the Iranian presidential office who says Paknejad initially offered his...

A wide spread scale over the secret network used to move Iran's oil revenues around international sanctions has [received] criticism. Senior officials have discovered that [corrupt intermediaries] have misappropriated at least $1.6 billion, with some fleeing the country. The controversy has expose the unofficial network of so-called trusts: companies and intermediates entrusted with receiving and transferring oil revenues outside the international banking system. Speaking on state television on Sunday, the head of Iran's State Inspection Organization, Zabihollah Khodaeian, said one intermediart alone had failed to return $200 million in state funds before leaving the country. Khudaeian added that judicial authorities...