Sepahan Oil Company

What Sepahan Oil Company does

Sepahan Oil Company (نفت سپاهان) is an Iranian base oil and finished lubricant manufacturer that originated as a refinery unit of the Isfahan Oil Refinery complex in 1992 and was registered as a private joint stock company in 1999. Following a 2000 transfer to the Oil Industry Retirement, Savings and Welfare Fund, the company was renamed Sepahan Oil Company in 2002 and is now publicly listed on the Tehran Stock Exchange under symbol SHAS (شسپا). Its operations are vertically integrated from refining through to finished lubricants and by-product sales.

The company produces Group I base oils (SN150, SN500, SN600 in high and low viscosity variants) via solvent extraction and dewaxing, alongside a Group III VHVI base oil (SOC-4) used in finished lubricant formulations. Its finished product range spans gasoline engine oils (API SN/SM/SL grades), diesel engine oils (API CI-4 Plus, CH-4), automatic and manual gear oils (DEXRON, GL-4/GL-5), industrial lubricants (hydraulic, turbine, compressor, gear, circulating, heat transfer, metalworking, transformer), marine cylinder and trunk piston oils for heavy-fuel engines, ethylene-glycol-based antifreeze, calcium and lithium greases, and by-products (paraffin wax, slack wax, foots oil, extract). Operations are certified to ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO/TS 29001:2020, and IATF 16949:2016.

Revenue is generated through three streams: direct B2B sales of base oils to lubricant manufacturers, finished lubricant sales through the Tehran headquarters and three wholly-owned subsidiaries (Kimia Speedy Qeshm for retail capillary distribution, Ata Lubricant Developers for northwest Iran blending and packaging, and Paraffin Sazi Eshtehard for paraffin production), and by-product sales. Distribution combines direct sales, subsidiary-led regional networks, public tenders for bulk procurement, and an export channel managed by a dedicated Export Sales & Market Development Manager. The target customer base spans automotive (passenger, commercial, motorcycle, two-stroke, dual-fuel), industrial manufacturing (hydraulics, turbines, gearboxes, compressors), marine (heavy-fuel diesel vessels), and agricultural segments, alongside other lubricant blenders purchasing base oils.

Name

Sepahan Oil Company

Legal name

Sepahan Oil Company (نفت سپاهان)

Website

https://sepahanoil.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sepahan Oil Company (نفت سپاهان) is one of Iran's largest integrated base oil and finished lubricant producers, listed on the Tehran Stock Exchange under SHAS, serving automotive, industrial, marine, and agricultural customers through direct sales and three regional subsidiaries.

Ownership category

akta.pro rank

Product category

Lubricant and Base Oil Manufacturing

NAICS

Petroleum Lubricating Oil and Grease Manufacturing (324191), Petroleum and Coal Products Manufacturing (324)

SIC

Miscellaneous Products Of Petroleum & Coal (2990), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Lubricant Formulation & Blending (Finished Lubricants) (EUALAJAC)

akta.pro secondary industries

Base Oil Production & Supply (Group I–V, Re-refined) (EUALAJAA), Automotive Lubricants (PCMO, HDMO, ATF, Gear Oils, Coolants) (EUALAJAH), Industrial Lubricants (Hydraulics, Gear, Compressor, Turbine, Metalworking) (EUALAJAG), Marine & Offshore Lubricants (Cylinder Oils, System Oils, EALs) (EUALAJAI), Greases & Specialty Lubricants (Greases, Pastes, Chain Oils, Silicone/Fluoro) (EUALAJAJ), Retail & E-commerce Lubricants Sales (Auto Parts, Quick Lube, Online) (EUALAJAF)

Keywords

• Base oil production
• Industrial lubricants
• Engine oils
• Marine lubricants
• Petroleum refining

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Base Oil Sales: Production and sale of base oils including SN150, SN500, SN600 variants, and SOC-4 Group III base oils to lubricant manufacturers
2. Finished Lubricant Products: Manufacturing and selling finished lubricants including engine oils, gear oils, industrial oils, antifreeze, and greases through direct sales and distribution network
3. By-product Sales: Sale of refining by-products including slack wax, paraffin wax, foots oil, and extract

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Sepahan Oil Company manufactures and supplies base oils (API Group I and Group III) and a comprehensive range of finished lubricant products including engine oils, gear oils, industrial oils (hydraulic, turbine, compressor, gear, circulating, heat transfer, metalworking), marine diesel lubricants, antifreeze/coolants, and greases. The company operates a refinery adjacent to Isfahan Oil Refinery and sells products through direct B2B channels, subsidiary distribution networks, and tenders, serving automotive, industrial, marine, and agricultural customers primarily in Iran.

Product overview

Sepahan Oil Company (نفت سپاهان) is one of Iran's largest base oil and lubricant producers, offering a comprehensive portfolio of finished lubricant products and base oils. The product portfolio comprises: (1) Engine oils spanning gasoline engine oils (Super Platinum SN, Platinum SM, Super Power SL, Europium SJ, Power Plus), diesel engine oils (Super Turbotec CI-4 Plus, Turbo Plus CH-4, Super Charge CF-4, Diesel CD), motorcycle oils (Super GP SJ, GP SG/CD), two-stroke oils (Blue TC), and dual-fuel oils (Maisa CF/XCF, Eco/S); (2) Gear oils including automatic transmission fluids (Maroon III DEXRON III-G, Maroon II DEXRON II-D) and manual gear oils (Cooper V GL-5, Cooper IV GL-4, Samin GL-1); (3) Industrial lubricants covering hydraulic oils (Sepahan Hydraulic, Hidromax, HVLP, ZF, CD 10W), gear oils (Sepahan Polad CLP, Polad SHC, Polad PG, Polad F), turbine oils (Sepahan Turbo 51515 Part 1, Solar Turbo 51515 Part 2), compressor oils (Sepahan Compressor VDL, SHC, Solar Compressor D/P), circulating oils (Sepahan Circulating, Roland), heat transfer oils (Sepahan Heat, Heat GTB), metalworking fluids (Sepahan Cutting, Z1), heat treatment oils (Sepahan Quench), transformer oil (Sepahan Trans), and agricultural oils (Universal Tractor STOU, Parmes UTTO); (4) Marine diesel oils (Marina Speedy C, S, TP); (5) Antifreeze/coolants (Axon, Mineral/Speedy); (6) Greases (Calcium, Lithium); (7) Base oils including SOC-4 (Group III VHVI), SN 500, SN 500 HIGH VI, SN 600 HIGH VI, SN 600 LOW VI, and SN 150 (all Group I); and (8) Side products including paraffin wax, slack wax, extract, and foots oil. The company operates refineries producing base oils that serve as foundational inputs for its branded finished products, while also trading base oils internationally.

Differentiator

Problem solved

Functional benefit

Brands

• Speedy (اسپیدی): Primary consumer lubricant brand for engine oils, gear oils, and automotive products
• Sepahan (سپاهان)
• AtaOil (آتااویل)

Products and services

• SOC-4 Base Oil Very high viscosity index (VHVI) paraffinic base oil classified as API Group III, used as a foundational input for various finished lubricants including engine oils, gear oils, turbine oils, and hydraulic oils.
• SN 150 Base Oil Group I base oil with wide industrial applications, produced through solvent extraction and dewaxing, used in lubricant formulations.
• SN 500 Base Oil Group I base oil produced through solvent extraction and dewaxing for gasoline and diesel engine oils, industrial lubricants, and greases.
• SN 500 HIGH VI Base Oil High viscosity index Group I base oil for premium lubricant formulations.
• SN 600 HIGH VI Base Oil High viscosity index Group I base oil with applications in premium lubricant formulations.
• SN 600 LOW VI Base Oil Low viscosity index Group I base oil for standard lubricant formulations.
• Super Platinum Engine Oil (سوپر پلاتینیوم) Full synthetic engine oil for gasoline engines with API SN specification, designed for vehicles manufactured from 2012 onwards.
• Platinum Engine Oil (پلاتینیوم) Full synthetic engine oil for gasoline engines with API SM specification, designed for vehicles manufactured from 2005 onwards.
• Super Power Engine Oil (سوپر پاور) Semi-synthetic and mineral engine oil for gasoline engines with API SL specification.
• Super Turbotec Diesel Engine Oil (سوپر توربوتک) Full synthetic diesel engine oil with API CI-4 PLUS specification for modern diesel engines.
• Turbo Plus Diesel Engine Oil (توربو پلاس) Semi-synthetic diesel engine oil with API CH-4/SJ specification for turbo-charged diesel engines.
• Maroon II Automatic Transmission Fluid (مارون II) Automatic transmission fluid meeting GM DEXRON II-D specification for automatic transmissions and hydraulic steering systems.
• Maroon III Automatic Transmission Fluid (مارون III) Automatic transmission fluid meeting GM DEXRON III-G specification for automatic transmissions in gasoline and diesel vehicles.
• Cooper V Manual Gear Oil (کوپر V) Manual gear oil meeting API GL-5 specification for manual transmissions and differentials under moderate to severe conditions.
• Cooper IV Manual Gear Oil (کوپر IV) Manual gear oil meeting API GL-4 specification for manual transmissions under mild to moderate conditions.
• Sepahan Hydraulic Oil (سپاهان هیدرولیک) Hydraulic oil for industrial hydraulic systems with anti-oxidation and anti-wear properties.
• Sepahan Polad Industrial Gear Oil (سپاهان پولاد) Industrial gear oil meeting CLP performance level for gearboxes under moderate to severe operating conditions.
• Sepahan Polad SHC Industrial Gear Oil (سپاهان پولاد SHC) Fully synthetic industrial gear oil for extreme operating conditions with extended service life.
• Sepahan Trans Transformer Oil (سپاهان ترانس) Transformer oil for industrial transformers and electrical equipment with high oxidation stability and dielectric strength.
• Sepahan Turbo 51515 Part 1 Turbine Oil (سپاهان توربو 51515 part 1) Turbine oil for steam and water turbines meeting DIN 51515 Part 1 and ISO 8068 L-THA specifications.
• Solar Turbo 51515 Part 2 Gas Turbine Oil (سولار توربو 51515 part 2) Gas turbine oil using Group III base oil for gas turbines operating under severe conditions.
• Marina Speedy C Marine Cylinder Oil (مارینا اسپیدی C) Cylinder oil for two-stroke marine diesel engines burning heavy fuel with sulfur content above 1%.
• Marina Speedy S Marine System Oil (مارینا اسپیدی S) Crankcase oil for cross-head low-speed marine diesel engines running on heavy fuel.
• Marina Speedy TP Trunk Piston Engine Oil (مارینا اسپیدی TP) Trunk piston engine oil for four-stroke marine diesel engines operating at medium speed.
• Axon Antifreeze (ضد یخ آکسون) Antifreeze based on ethylene glycol free from phosphates, silicates, nitrites and borates for vehicle cooling systems.
• Mineral Antifreeze (ضد یخ و ضد جوش) Antifreeze coolant for gasoline and diesel vehicle cooling systems based on ethylene glycol.
• Calcium Grease (گریس کلسیم) Calcium-based grease for general machinery lubrication, particularly chassis, suspension, and water-exposed systems.
• Lithium Grease (گریس لیتیوم) Lithium-based grease for general machinery lubrication applications.
• Sepahan Paraffin Wax (سپاهان پارافین واکس) Solid paraffin wax derived from refined slack wax with high melting point, low oil content, and bright color.
• Sepahan Slack Wax (سپاهان اسلاک واکس) Slack wax produced from raffinate refining in the wax dewaxing unit using toluene-MEK solvent, consisting of linear normal and isoparaffinic hydrocarbons.
• Sepahan Extract (سپاهان اکستراکت) Aromatic extract byproduct from furfural extraction unit with high unsaturated aromatic compounds, used in rubber, carbon black, and insulation industries.
• Foots Oil (فوتس اویل) Byproduct from slack wax deoiling process used in plastics, textiles, rubber, cosmetics, leather industries, and for white oil production.

Quantifiable outcome

• Energy consumption within legal limits - never penalized for exceeding thresholds
• +1 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Kimia Speedy Qeshm (کیمیا اسپیدی قشم)coreChannel Partner/ Reseller/ DistributorWholly-owned subsidiary established in 2015 to handle retail distribution of Sepahan Oil finished products through capillary distribution system. Operates from Tehran office with distribution coverage in selected provinces, starting with Tehran province in June 2016.
• Ata Oil Development (توسعه روانکاران آتا)coreChannel Partner/ Reseller/ DistributorWholly-owned subsidiary (formerly Ojan Chemical Tabriz) located in Shahid Salimi Industrial Town, Tabriz. Established in 2003, handles production of antifreeze and packaging of lubricants for northwest Iran distribution. Capacity: 8400+ tons storage, 130 tons/day filling.
• Ashtian Paraffin Production (پارافین سازی اشتهارد)minorChannel Partner/ Reseller/ DistributorSubsidiary focused on paraffin production located in Ashtian Industrial Town, serving as part of the company's value chain for paraffin-based products.

Scale indicators3 records

Recent moves12 records

Expansion highlights5 records

Broad incumbents

• Shell Lubricants: Shell's global lubricants business is the largest branded lubricant player worldwide and an active participant in Middle East markets. It represents the international premium-tier competitive benchmark for Sepahan's automotive and industrial product lines.
• Lukoil Lubricants: Lukoil operates integrated base oil production and finished lubricant manufacturing across Europe, the CIS, and the Middle East. It is a relevant peer for integrated value-chain operations and emerging-market lubricant distribution.
• ExxonMobil Product Solutions: ExxonMobil is one of the largest global base oil producers (Group I, II, III) and finished lubricant marketers (Mobil 1, Mobil). It is the most directly comparable global peer in terms of integrated base-oil-to-finished-lubricant operations and high-tier synthetic engine oils.
• BP / Castrol: Castrol is BP's global lubricants brand with a strong automotive and industrial portfolio and presence in the Middle East. It is a relevant comparable for finished lubricant branding, marketing, and product specification positioning.
• Fuchs Petrolub: Fuchs is one of the world's largest independent specialty lubricant manufacturers with strong industrial lubricant, automotive, and food-grade product lines. It is a useful comparable for Sepahan's industrial lubricant segment and the strategic shift toward higher-margin specialty products.
• TotalEnergies Lubrifiants: TotalEnergies' lubricants division is one of the world's largest finished lubricant producers with broad automotive, industrial, and marine coverage. While not a direct Iranian domestic competitor, it sets the international product/quality benchmark Sepahan's premium lines target.

Direct peers

• Behran Oil: Behran Oil is an Iranian privately held lubricant manufacturer and base oil producer with a comparable finished lubricant portfolio and B2B base oil supply business. It directly competes with Sepahan in the Iranian automotive and industrial lubricant market.
• Pars Oil Company: Pars Oil is an Iranian lubricant manufacturer referenced in Sepahan's board bios. It competes in the same domestic lubricant market with overlapping engine oil and industrial lubricant SKUs.
• Iranol Oil Company: Iranol is one of the other major Iranian base oil and lubricant producers, operating a refinery and finished lubricant portfolio. It is the closest domestic direct competitor to Sepahan, competing across base oils, engine oils, and industrial lubricants in the same Iranian market.

Emerging players

• Sinopec Lubricant Company: Sinopec's lubricant subsidiary (Great Wall, Sinopec brand) is one of China's largest lubricant producers with growing exports into the Middle East. It is a relevant peer as a low-cost, large-scale integrated lubricant competitor active in Iran's regional export market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedIncodal.ir/ReportList.aspx?search&Symbol=%D8%B4%D8%B3%D9%BE%D8%A7&LetterType=-1&Isic=232004&AuditorRef=-1&PageNumber=1&Audited&NotAudited&IsNotAudited=false&Childs&Mains&Publisher=false&CompanyState=0&Category=-1&CompanyType=1&Consolidatable&NotConsolidatable
• Xx.com/Sepahanoil_fa

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sepahan Oil Company