Naftiran Intertrade
Swiss-Iranian oil company
From Wikipedia, the free encyclopedia
Naftiran Intertrade Company S.à r.l. (NICO) is a Swiss-based subsidiary of the National Iranian Oil Company (NIOC). NICO is a general contractor for the oil and gas industry. NIOC buys the vast majority of Iran's gasoline imports.[4] NICO is a key player in Iran's energy sector.[4]
Company type | Private company/limited,[1] subsidiary |
|---|---|
| Industry | Oil and gas |
| Founded | 1991[2] |
| Headquarters | , |
Key people | Aliakbar Pouribrahim (CEO)[3] |
| Products | Petroleum Marketing |
| Services | Trading/General contracting |
| Revenue | US$21.9 billion (2008)[4] |
| $134 million (2008)[4] | |
| Parent | NIOC[5] |
| Website | www |
History
Naftiran Trading Services (NTS) was established in 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.[2][3]
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.[6]
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.[4]
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.[4]
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.[4]
- 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.[4]
- NICO also holds a 25.77% stake in Indian public sector fertilizer company Madras Fertilizers.[7]
See also
- National Iranian Oil Company - (NICO's parent company)
- Petroleum industry in Iran
- Energy in Iran
