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Report: Revolutionary Guard’s economic conglomerate should replace foreign oil companies

TEHRAN, Iran – Iran’s new oil minister says the country’s powerful Revolutionary Guard’s economic conglomerate should replace foreign oil and gas companies.

Rostam Qasemi told the official IRNA news agency that the economic conglomerate, Khatam-ol-Anbia, should be improved. He didn’t elaborate.

Qasemi was the chief of Khatam-ol-Anbia before becoming oil minister last week. He told IRNA that he still feels like he works for the Revolutionary Guard.

Khatam-ol-Anbia is considered the Revolutionary Guard’s most important financial unit and is the largest contractor of government projects in Iran.

The unit already has started working on oil and gas projects since foreign companies, including Total SA and Royal Dutch Shell, withdrew from Iran in compliance with sanctions imposed by the West.

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