Naftiran Intertrade


Naftiran Intertrade Company limited is a Swiss-based subsidiary of the National Iranian Oil Company. NICO is a general contractor for the oil and gas industry. NIOC buys the vast majority of Iran's gasoline imports. NICO is a key player in Iran's energy sector.
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 customers in the Persian Gulf.

History

Naftiran Trading Services was established in the Jersey Channel Islands 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, in Lausanne, Switzerland.
Petro Suisse Intertrade Company , Hong Kong Intertrade, Noor Energy Ltd and Petro Energy Intertrade , 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

is a general contractor for the oil & gas industry.

PetroIran

Petroiran Development Company 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