To date, the most comprehensive publicly available English-language research on EIKO was published by Reuters in 2013. The article refers to an unclassified U.S. Treasury document, which identifies 50 Iranian companies as EIKO subsidiaries. Our newly released report sheds light on changes and updates to the information highlighted in the Reuters report. Here’s a summary of our findings:

  • Modaber Investment Company has been renamed to Tadbir Industry & Mines Development
  • Omid Rey Civil & Construction Company has been renamed to Tadbir Construction and Development Group
  • Hormoz Oil Refining Company has been renamed to Bahman Gano Refinery
  • Ghadir Investment Company is a holding owned by the Armed Forces. It is linked to BTS, but not EIKO.
  • Marjan Petrochemical is owned by Ghadir Investment Group, not EIKO.
  • Mellat Insurance Company is co-owned by BTS, not EIKO.
  • Sadaf Petrochemical Assaluyeh Company is owned by Ghadir Investment Group, not EIKO.

-Oil Industry Investment Company is owned by the National Iranian Oil Company and has links to Bonyad Taavon Sepah, not EIKO.

-Zarin Rafsanjan Cement Company is linked to Eghtesad Novin Bank, which has some links to Bonyad Shahid, but not EIKO.

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