Naftiran Intertrade Company limited (NICO) is a

Swiss Swiss may refer to: * the adjectival form of Switzerland * Swiss people Places * Swiss, Missouri * Swiss, North Carolina *Swiss, West Virginia * Swiss, Wisconsin Other uses *Swiss-system tournament, in various games and sports *Swiss Internation ...

-based subsidiary of the

National Iranian Oil Company The National Iranian Oil Company (NIOC; fa, شرکت ملّی نفت ایران, Sherkat-e Melli-ye Naft-e Īrān) is a government-owned national oil and natural gas producer and distributor under the direction of the Ministry of Petroleum of Ir ...

(NIOC). NICO is a general contractor for the

oil and gas industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest ...

. NIOC buys the vast majority of Iran's gasoline imports. NICO is a key player in Iran's energy sector.

History

''Naftiran Trading Services (NTS)'' was established in the Jersey Channel Islands (

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

) 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 Energy security is the association between national security and the availability of natural resources for energy consumption. Access to (relatively) cheap energy has become essential to the functioning of modern economies. However, the uneven ...

. 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 , neighboring_municipalities= Bottens, Bretigny-sur-Morrens, Chavannes-près-Renens, Cheseaux-sur-Lausanne, Crissier, Cugy, Écublens, Épalinges, Évian-les-Bains (FR-74), Froideville, Jouxtens-Mézery, Le Mont-sur-Lausanne, Lugrin (FR-74), ...

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

. ''Petro Suisse Intertrade Company (SA)'', ''Hong Kong Intertrade'', ''Noor Energy (Malaysia) Ltd'' and ''Petro Energy Intertrade (Dubai)'', all alleged

front companies A front organization is any entity set up by and controlled by another organization, such as intelligence agencies, organized crime groups, terrorist organizations, secret societies, banned organizations, religious or political groups, advocacy gro ...

for NIOC/NICO, have been sanctioned by the United States in 2012.

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 Petroiran Development Company Limited (Petroiran; PEDCO) is an oil and gas company based in Tehran, Iran. It is a subsidiary of Naftiran Intertrade, a part of the National Iranian Oil Company, responsible for developing upstream oil projects. The ...

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 The Rhum Gas Field ( fa, میدان گاز رم) is a gas field owned halfly between UK's BP and Iran, located north-east of Aberdeen in UK, in 109 metres (350 ft) of water. It's gas production and export began on 20 December 2005. Develo ...

in the

. Iran owns 50% of the offshore gas field of Rhum in the

North Sea The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian S ...

, 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 Shah Deniz gas field ( az, Şahdəniz) is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately southeast of Baku, at a depth of . The field covers approximately . Stretch ...

, 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.

References

External links

*
Iranian Oil Company (UK) Ltd.
- subsidiary of NICO
Petropars Ltd.
- subsidiary of NICO {{Petroleum industry 1991 establishments in Iran National Iranian Oil Company Iranian entities subject to the U.S. Department of the Treasury sanctions