Background
Naftiran Intertrade Company (NICO) 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.
To perform its commercial responsibilities efficiently, NICO decided to set up an executive service company in London,
United Kingdom, named Naftiran Trading Services (NTS). The NTS Company played an active role and took considerable steps
in establishing itself as an international trading partner in the field of crude oil and refined products during its eleven years life time,
in line with the objectives set up.
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 (Srl), In Lausanne, Switzerland as its new
service provider.
NICO has benefited from the services of its employees with diverse nationalities and professional background to meet its goals and objectives. The company has been going through a re-structuring program and has successfully finalized its organizational structural, as the result, the number of employees can be expected to increase by end of year 2009.
NICO has continued to expand over the years. The company owns ‘’Petropars’’ and ‘’Petroiran’’ which are currently acting as management contractors in some of the projects. Furthermore, Iranian Oil Company (IOC) a joint partnership with British Petroleum in North Sea, and the full ownership of Hood project in southern part of the North Sea. The company also holds some assets in Madras Fertilising Company in India, shares with Shell in Senegal, and a number of shares with British Petroleum ,BP.
Objectives
NICOs principal objectives are to coordinate and unify the trading policies set up by its board of directors,
to determine the best means of safeguarding its short and long term interests;
to seek ways and means of maximizing profit and reducing or eliminating harmful and unnecessary risks.
NICO has been playing an active role in the international oil and gas trading to guarantee a larger share of the market. The company is looking into ways and means of expanding its role in the field of international project financing in the oil and gas industry.
The company also intends to diversify its resources into other
sectors of economic activity to free itself of its sole dependence
on the trading of crude oil, gas and refined products. It is a
challenge that it is taken seriously. Additionally, the immediate
goal of the company is to enhance or expand the activities listed
below.
- Providing finances for oil and gas projects.
- Investment in the oil and gas industry.
- Purchase and sales of crude, natural gas, and refined products.
- Swapping crude oil and refined products
- Hedging of crude oil positions to offset risks.