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Naftiran Intertrade

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Naftiran Intertrade Company limited
Company typePrivate company/limited,[1] subsidiary
IndustryOil and gas
Founded1991; 33 years ago (1991)[2]
Headquarters
Pully
,
Switzerland
Key people
Aliakbar Pouribrahim (CEO)[3]
ProductsPetroleum Marketing
ServicesTrading/General contracting
RevenueUS$21.9 billion (2008)[4]
$134 million (2008)[4]
ParentNIOC[5]
Websitewww.naftiran.com

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]

History

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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

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See also: Fuel smuggling in Iran and Mehdi Hashemi Rafsanjani

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

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See also: List of Iranian companies

Petropars

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Petropars is a general contractor for the oil & gas industry.

PetroIran

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Main article: 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)

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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

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See also: Foreign direct investment in Iran
  • 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

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References

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  1. ^ "Naftiran Intertrade company". LinkedIn. Retrieved 16 July 2012.
  2. ^ a b "NICO Naftiran Intertrade Company - AboutUs". Naftiran. Archived from the original on 17 June 2012. Retrieved 16 July 2012.
  3. ^ a b "Commercial register and SOGC publications for NAFTIRAN INTERTRADE CO. (NICO) limited Avenue de la Tour-Haldimand 6 1009 Pully CH Number CH55010310890". Edoceo. Retrieved 16 July 2012.
  4. ^ a b c d e f g h Calabresi, Massimo (16 June 2010). "Sleeping with the Enemy: BP's Deals with Iran". TIME. Archived from the original on June 18, 2010. Retrieved 7 February 2012.
  5. ^ "Naftiran Intertrade Company - Company Directory". Arabian Business. Retrieved 16 July 2012.
  6. ^ "US tightens sanctions over Iran nuclear programme". BBC. 17 July 2012. Retrieved 17 July 2012.
  7. ^ Narasimhan, T. E. (6 September 2012). "Madras Fert co-promoter objects to GoI's proposal". Business Standard India. Retrieved 23 January 2023.
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