National Iranian Gas Export Company Dissolved

As per a directive issued by Oil Minister Bijan Namdar Zanganeh the National Iranian Gas Export Company has been liquidated and handed over to the National Iranian Oil Company (NIOC). Earlier reports had said the NIGEC was supposed to be privatized. "It was meaningless to privatize NIGEC that is why its tasks have been delegated to the NIOC," Zanganeh said, IRNA reported. He did not say why the company was found unfit for privatization.  Asked about transferring NIGEC responsibilities, Zanganeh said a part of the dissolved company's duties including liquefied natural gas exports will be handled by NIOC. However, the National Iranian Gas Company will be responsible for natural gas exports through pipelines. On the contract signed between Oman and NIGEC to lay a 400-kilometer subsea gas pipeline from Iran to the neighboring sultanate, the minister said NIOC will follow up on the project. NIGEC handled the sale and export of natural gas as heating fuel for industrial and petrochemical sectors. It was also responsible for natural gas treatment, distribution and consumption inside the country. Headquartered in Tehran, the company was founded in 1965.