Skip to main content

Iran’s oil minister accuses former officials of $2.7 billion oil fraud

Iran's Oil Minister Bijan Zanganeh has claimed that former ministers under Mahmoud Ahmadinejad's administration cooperated with billionaire Babak Zanjani to steal $2.7 billion in government money.
Iranian Oil Minister Bijan Zanganeh talks to journalists as he arrives at his hotel ahead of an OPEC meeting in Vienna December 3, 2013. Iran will take six months after sanctions are lifted to return to full oil output capacity of 4 million barrels per day, Zanganeh said on Tuesday. REUTERS/Heinz-Peter Bader  (AUSTRIA - Tags: POLITICS ENERGY) - RTX1626B
Read in 

Oil Minister Bijan Zanganeh accused officials from Iran’s previous administration of giving $2.7 billion worth of oil and loans to former businessman and billionaire Babak Zanjani with an understanding that revenue from the sale would never be returned to the Oil Ministry.

“Some took [the oil] and did not give the money back, and it was never even agreed for them to give the money back,” Zanganeh said in a television interview. “They didn’t make a mistake. It was intentional. The team of Babak Zanjani that took [the oil] did not want to give back the money.”

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.