(NICO) is a Swiss-based subsidiary of the National Iranian Oil Company (NIOC).
[4] Naftiran Trading Services (NTS) was established in Jersey, Channel Islands (United Kingdom) in 1991.
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.
PEDCO was initially formed to be the Iranian partner of foreign contractors with a 10% share in each buy-back contract.
It is a joint-venture with BP worth $1 million a day at June 15, 2010 spot prices.