An efficient system for the catalytic epoxidation reaction of olefins with molecular oxygen was achieved by utilization of FeCl2 or Co(OAc)2 and the N-heterocyclic podand ligand, N,N'-bis{2-(4-imidazolyl)ethyl}-2,6-pyridine-dicarboxamide (BIPA), without the need for a coreductant. The multidentate coordination of BIPA is considered to serve an important role in the oxygenation.