Naftiran Intertrade Company

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(NICO) is a

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-based subsidiary of the National Iranian Oil Company (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) 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,

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 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 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.

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