What Oil Industries Engineering and Construction does

Oil Industries Engineering and Construction Company (OIEC) is Iran's largest domestically owned full-scope Engineering, Procurement, Construction, and Exploration & Production contractor in the oil and gas sector, founded in 1987 to reconstruct refineries damaged during the Iran-Iraq War. The company executes mega-projects under EPC, EPCC, IPC, and EPCTIC contract models, covering the entire oil and gas value chain from reservoir studies and drilling through midstream pipelines, NGL facilities, gas compression stations, refineries, and petrochemical plants. OIEC holds Grade 1 EPC ranking from the Plan and Budget Organization and Grade 1 E&P ranking from the Ministry of Petroleum (enabling exploration and production contracts up to $12 billion), and is ranked 20th among the top 30 EPC contractors in the Middle East with 150+ projects executed across Iran.

OIEC's revenue model is project-based and B2B, with all contracts individually negotiated and quote-based with state-owned clients — primarily National Iranian Oil Company (NIOC) and its subsidiaries (NIOEC, PEDEC, NIOOC), Iran's major oil refineries (Tabriz, Bandar Abbas, Abadan, Esfahan, Tehran), and petrochemical companies (Ilam, Dehloran). The company is a publicly registered joint stock company owned by Ahdaf Investment Company, which is ultimately controlled by the Oil Industry Pension Fund. Operations are organized through eight specialized subsidiaries (EIED for design, OICO for commissioning and operations, OEID for upstream development, KPE for petroleum engineering, OEOC for exploration and drilling, QOIC for investment and storage, ODCC as a JV with NIOEC, and Rohjoyan Sanat Kayan for mining), supported by a workforce of 9,500+ employees including 3,000+ specialized engineers and technicians. Current active mega-projects include South Pars Gas Field Compression, Changoole Oil Field Phase 1, Madar Gas Field Development, and NGL3100 in Dehloran, with a stated 20-year sustainable revenue runway from the current portfolio.

Name

Oil Industries Engineering and Construction

Legal name

Oil Industries Engineering and Construction Company

Website

https://oiecgroup.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Oil Industries Engineering and Construction (OIEC) is Iran's leading domestic EPC and E&P contractor, executing full-value-chain oil, gas, refining, and petrochemical mega-projects (including South Pars, NGL3100, and Madar Gas Field) primarily for state-owned clients led by NIOC and its subsidiaries, supported by eight specialized subsidiaries and a 9,500+ person workforce.

Ownership category

akta.pro rank

Product category

Oil and Gas EPC Services

NAICS

Engineering Services (541330), Engineering Services (54133), Architectural, Engineering, and Related Services (5413)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Design-Build / EPC General Contracting (IMAFAAAD)

Keywords

• Oil and gas EPC
• Refinery construction services
• Petrochemical engineering
• Upstream oil operations
• Natural gas infrastructure

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. EPC Project Contracts: OIEC generates revenue as a general contractor (GC) executing Engineering, Procurement, and Construction (EPC) projects under multiple contract models including EPC, EPCC, IPC, and EPCTIC. Revenue is project-based, one-time, and sized according to contract value.
2. E&P Operations: OIEC operates as an Exploration and Production (E&P) company with Grade 1 ranking, enabling it to enter exploration and production contracts for oil and gas fields up to a ceiling of $12 billion. Revenue derives from production-sharing or buyback contractual arrangements.
3. Subsidiary Investment Income: OIEC Group includes investment in subsidiaries across upstream (OEID, OEOC, KPE), midstream (QOIC, EIED), and downstream (OICO, ODCC) segments. These subsidiaries generate revenue from their own project execution, operations, and investment activities, contributing to the group's overall income.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

OIEC is a Grade 1 Engineering, Procurement, Construction, and Commissioning (EPC/EPCC) contractor and Grade 1 Exploration & Production (E&P) company executing mega-projects across Iran's oil and gas value chain. The company delivers upstream (drilling, field development, E&P operations), midstream (pipeline construction, NGL facilities, gas compression stations), and downstream (refinery modernization, petrochemical plant construction) services under EPC, EPCC, IPC, and EPCTIC contract models for state-owned clients such as NIOC and its subsidiaries.

Product overview

OIEC Group is a leading Engineering, Procurement, and Construction (EPC) contractor in Iran's oil and gas industry. The portfolio consists of the parent company OIEC providing core EPC services, supported by seven specialized subsidiaries: EIED (design and engineering), OICO (commissioning and operations), OEID (upstream development), KPE (petroleum engineering), OEOC (exploration and drilling), QOIC (investment and storage terminals), and ODCC (joint venture construction). Major projects include NGL 3100 for natural gas liquid processing, South Pars gas field phases, and various refinery upgrading projects. The group operates across upstream, midstream, and downstream oil and gas sectors with capabilities from conceptual design through commissioning and operation.

Differentiator

Problem solved

Functional benefit

Products and services

• EPC Contractor Services (Oil Industries Engineering and Construction Co. - OIEC) Full-cycle Engineering, Procurement, and Construction (EPC) services for oil, gas, refining, and petrochemical projects, from conceptual design through commissioning. Served by the parent company OIEC and including mega-projects for South Pars gas field phases 9-10, 17-18, and 20-21.
• NGL 3100 Project Natural gas liquid complex in Ilam province, Dehloran region, collecting and processing associated petroleum gases to prevent flaring. Designed to produce ethylene, propylene, pyrolysis gasoline, and fuel oil as part of Dehloran Petrochemical Complex.
• South Pars Gas Field Development

Quantifiable outcome

• 150+ projects successfully completed and in-progress across Iran's oil and gas sector over 30+ years
• +3 more outcomes

Named customers10 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• National Iranian Oil Engineering and Construction Company (NIOEC)coreStrategic or Co-development PartnerODCC (Oil Design and Construction Company) is a joint venture co-owned by NIOEC and OIEC, contributing to the execution of major refinery and upstream oil and gas projects valued at $10 billion over 30 years. NIOEC acts as a key client and partner, with OIEC executing projects on behalf of or jointly with NIOEC for NIOC.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Petrofac: UK-headquartered EPC contractor with deep Middle East focus on oil & gas, refining, and petrochemical projects. Comparable as a major international EPC contractor serving NOCs in the Middle East with similar contract models and project types.
• Técnicas Reunidas: Spanish EPC contractor focused on oil & gas, refining, and petrochemical projects with strong Middle East project portfolio. Comparable as an established international EPC contractor in refinery and gas processing.
• Technip Energies: France-based EPC and technology company with leading positions in LNG, gas processing, and refining. Comparable as a major international EPC contractor for refinery modernization, gas processing, and petrochemical projects.
• Saipem: Italian-based global EPC contractor specializing in oil & gas, refining, and petrochemical projects, including onshore, offshore, and pipeline construction. Comparable as an established international EPC player in the same project categories.
• McDermott International: US-based EPC contractor serving the energy industry with onshore/offshore oil & gas, refining, and petrochemical capabilities. Comparable as a major international EPC contractor for upstream and downstream oil & gas mega-projects.

Regional players

• National Petroleum Construction Company (NPCC): UAE-based EPC contractor owned by ADNOC, executing oil & gas mega-projects across the Middle East. Comparable as a state-affiliated Middle East EPC contractor with similar mega-project execution profile in regional oil & gas.

Direct peers

• Petropars: Iranian E&P and EPC contractor operating in the Iranian oil & gas sector with similar state-owned client base and Grade 1 ranking. Direct comparable in terms of scale, customer profile, and full-value-chain capabilities within Iran.
• Iranian Industrial Development & Renovation Organization (IDRO): State-owned Iranian holding overseeing industrial EPC and manufacturing subsidiaries. Comparable as a diversified state-owned industrial contractor with similar government ownership structure and large-scale project execution mandate.
• MAPNA Group: Iranian EPC contractor focused on power plant and energy infrastructure construction, including combined-cycle and renewable energy projects. Comparable as a major Iranian state-affiliated EPC contractor executing mega-projects in energy infrastructure.
• Khatam al-Anbiya (Construction Base): Iran's largest construction and engineering contractor, executing mega infrastructure and energy projects. Comparable as a state-affiliated Iranian EPC contractor with similar mega-project execution capabilities in oil, gas, and infrastructure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/oiecgroup
• Facebookfacebook.com/oiecgroup
• LinkedInlinkedin.com/company/oiec-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 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 Oil Industries Engineering and Construction