Naftiran Intertrade Company (NICO) was established in the Jersey Channel Islands (United Kingdom) in 1991. 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 lifetime, in line with the objectives set up. 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.
NICO is involved in 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, and hedging of crude oil positions to offset risks.