Set up in 2008 in response to the start of crippling energy sanctions against Iran, PEDC’s main assets are its affiliation with the private Pasargad Bank and its veteran oil industry managers.
Pasargad is Iran’s first private bank as well as being relatively asset-rich. Its E&P subsidiary is run by Vahdi AleAgha, one of the more respected National Iranian Oil Company (NIOC) veterans who worked for the state company for 36 years before retiring in 2005.
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