In a decree issued on Sunday and published by the Iranian presidency office, President Masoud Pezeshkian accepted Paknejad’s resignation and appointed Bovard as caretaker oil minister.
No reason was given for Paknejad’s abrupt resignation, although earlier reports in the local media had suggested he would resign because of disagreements with the Iranian president.
Some reports pointed to Paknejad's growing interventions in Iran's largest petrochemical company, the PGPIC, as a reason for his departure. Others said Pezeshkian was not happy with the way Paknejad had handled the trustees, a network of oil traders who have failed to return over $10 billion worth of Iranian oil exports.
Paknejad was appointed as oil minister two years ago after Pezeshkian was elected president.
He led Iran’s massive oil and gas industry through two rounds of US and Israeli aggression and oversaw the reconstruction of some petrochemical plants damaged in Israeli aerial attacks.
Analysts expected him to face a difficult job handling this winter’s peak natural gas consumption due to lower production caused by attacks in March and April on several gas refineries in Iran’s South Pars gas field in the Persian Gulf.
Bovard, a long-serving oil ministry staffer, has been leading NIOC under Paknejad. He has implemented a major plan to increase Iran’s oil and gas production despite US sanctions that hamper the country’s access to foreign investment and technology.
