Tuesday, January 04, 2005

Iran's NIOC among top three oil companies

Iran Mania News: "Iran's NIOC among top three oil companies

Saturday, January 01, 2005 - ©2004 IranMania.com

LONDON, Jan 1 (IranMania) - The National Iranian Oil Company (NIOC) has moved up from fourth to third in the latest annual league table of the world's top 50 oil companies published by Petroleum Intelligence Weekly (PIW), IRNA said.

According to the London-based newsletter, NIOC overtook Petroleos de Venezuela in its rankings based on six operational criteria covering 2003--oil and gas reserves, oil and gas output, refining capacity and product sales.

Earlier this month, the new online business publication Dinar Standard rated NIOC as the second largest company in the Islamic countries based on revenue.

PIW does not include total revenues in its rankings due to the wide difference in accounting practices but lists NIOC's income as $28.4 billion, $10 billion less than the total revenue estimated by Dinar Standard, which was extracted from OPEC data for 2003.

Middle East and North African national oil companies continue to dominate the world list, which is headed by Saudi Aramco, whose revenue, although not a criteria, was $10 billion more that the $83.1 billion calculated by Dinar Standard.

Other regional companies include Kuwait Petroleum and Algeria's Sontrach, listed as equal 12th and Abu Dhabi National Oil Company at 14th.

Iraq National Oil Company moves down one place to 22nd but remains just ahead of Libya's National Oil Corporation. The Egyptian General Petroleum Corporation and Qatar Petroleum are ranked 25th and 26th respectively.

ExxonMobil of the US remains the top oil company in the West and second in the world, while Anglo-American BP moves up to joint second place and joint fifth in the world with Royal Dutch/Shell Group.

In terms of annual revenue, western firms remain way out in front, led by BP as the richest with $236 billion, ahead of ExxonMobil's $223 billion and Royal Dutch/Shell Group's $205 billion."

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