Organizational Structure
See also: Petroleum industry in IranThe company is completely owned by Iranian government. NIOC's General Assembly consists of:
- The President,
- Vice President,
- Director General of the Management and Planning Organization,
- Ministers of Oil,
- Energy,
- Industries and Mines,
- Labor and Social Affairs,
- Economy and Finance
It is its highest decision marking body, determining the company's general policy guide lines, and approving the annual budgets, operations and financial statements and balance sheets. The company's Board of Directors has the authority and major responsibilities to approve the operational schemes within the general framework ratified by the General Assembly, approve transactions and contracts, and prepare budgets and Board reports and annual balance sheets for presentation to the General Assembly.
The Board supervises the implementation of general policy guidelines defined by the General Assembly, and pursues executive operations via the company's Managing Director.
Read more about this topic: National Iranian Oil Company
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