History
''Naftiran Trading Services (NTS)'' was established in the Jersey Channel Islands ( United Kingdom) in 1991. The intention was to start trading crude oil and products, as well as to create a competitive opportunity for the investment in oil and gas projects, as well as to play an active role in world energy security. In June 2003, a decision was made by NICOs management to transfer the whole NTS activities to a newly established company named Naftiran Intertrade Co ( Sàrl), in Lausanne,Revenues
From 2005 to 2008, NICO's revenue increased by 50%, from $14.7 billion to $21.9 billion, while its net income rose from $129 million to $134 million.Subsidiaries
Petropars
Petropars is a general contractor for the oil & gas industry.PetroIran
Petroiran Development Company (aka PetroIran or PEDCO) is a general offshore contractor. PEDCO was initially formed to be the Iranian partner of foreign contractors with a 10% share in each buy-back contract.Iranian Oil Company (IOC)
IOC is in charge of Rhum gasfield in the United Kingdom. Iran owns 50% of the offshore gas field of Rhum in the North Sea, which is Britain's largest untapped gas field. It is a joint-venture with BP worth $1 million a day at June 15, 2010 spot prices.Foreign participation
*Iran has 10% joint-venture participation with BP and other foreign oil companies in Azerbaijani Shah Deniz gas field, producing 8 billion cubic meters of gas per year, worth up to a reported $2.4 billion per year. *As at 2010, NICO is a shareholder in BP, holding 24,683,858 shares of the company, worth approximately $775 million, and representing 0.8% of the company's common stock.See also
* National Iranian Oil Company - (NICO's parent company) * Petroleum industry in Iran * Energy in IranReferences
External links
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