Naftiran Intertrade

Naftiran Intertrade Company
Private company/Sàrl,[1] subsidiary of NIOC
Industry Oil and gas
Founded 1991 (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.com

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]

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

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

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)

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

See also

References

  1. ↑ "Naftiran Intertrade company". LinkedIn. Retrieved 16 July 2012.
  2. 1 2 "NICO Naftiran Intertrade Company - AboutUs". Naftiran. Retrieved 16 July 2012.
  3. 1 2 "Commercial register and SOGC publications for NAFTIRAN INTERTRADE CO. (NICO) Sàrl Avenue de la Tour-Haldimand 6 1009 Pully CH Number CH55010310890". Edoceo. Retrieved 16 July 2012.
  4. 1 2 3 4 5 6 7 8 Calabresi, Massimo (16 June 2010). "Sleeping with the Enemy: BP's Deals with Iran". TIME. Retrieved 7 February 2012.
  5. ↑ "Naftiran Intertrade Company - Company Directory". Arabian Business. Retrieved 16 July 2012.
  6. ↑ "Iran says Caspian oil swaps suspended". PressTV. 19 June 2010. Retrieved 7 February 2012.
  7. ↑ "US tightens sanctions over Iran nuclear programme". BBC. 17 July 2012. Retrieved 17 July 2012.
  8. ↑ "BP exempted from US ban on Iran oil". PressTV. 23 January 2012. Retrieved 7 February 2012.
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