Naftiran Intertrade
| Private company/Sàrl,[1] subsidiary of NIOC | |
| Industry | Oil and gas |
| Founded | 1991[2] |
| Headquarters | Pully, Switzerland |
|
Key people
|
Seyfollah Jashnsaz, (CEO).[3] |
| Products | Petroleum Natural gas Petrochemicals |
| Services | Trading/General contracting |
| Revenue | US$21.9 billion (2008)[4] |
| $134 million (2008)[4] | |
| Parent | NIOC[5] |
| Website | www |
Naftiran Intertrade Company Sàrl (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]
NICO also handles trading & swaps operations on behalf of NIOC. Iran has swap arrangements with Azerbaijan, Turkmenistan, and Kazakhstan, under which it ships crude from the Central Asian producers to its Caspian ports. In exchange Iran delivers the equivalent barrels of crude on behalf of the three Central Asian producers to their costumers in the Persian Gulf.[6]
Contents
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.[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.[7]
Revenues
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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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Petropars
Petropars is a general contractor for the oil & gas industry.
PetroIran
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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
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- 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] Shah Deniz is not subject to US sanctions.[8]
- 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]
See also
- National Iranian Oil Company - (NICO's parent company)
- Petroleum industry in Iran
- Energy in Iran
References
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- Iranian Oil Company (UK) Ltd. - subsidiary of NICO
- Petropars Ltd. - subsidiary of NICO
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