NATIONAL IRANIAN OIL CO.

The National Iranian Oil Company (NIOC) is a government-owned national oil and natural gas producer and distributor under the direction of the Ministry of Petroleum of Iran. Established in 1948 and restructured in 1954, NIOC ranks as the world's second-largest oil company, after Saudi Arabia's state-owned Aramco. Since 1951, NIOC has been responsible for directing and making policies for the exploration, drilling, production, research and development, refining, distribution, and export of oil, gas, and petroleum products. The company is exclusively responsible for the exploration, drilling, production, distribution, and export of crude oil, as well as the exploration, extraction, and sales of natural gas and liquefied natural gas (LNG). It is estimated that NIOC holds 156.53 billion barrels of liquid hydrocarbons and 33.79 trillion cubic meters of natural gas.