📃IOEC: Unmasking Corruption in Iran’s Offshore Oil Industry (Dossier Six)
🔹In Iran’s lucrative and politically charged oil industry, power and profit often go hand in hand. Senior executives in both public and private sectors are typically drawn from the ranks of the regime’s trusted inner circle, granting them access to insider information and privileges that foster corruption.
🔺Founded in 1992 as Iran's first general contractor specializing in offshore projects, IOEC has been instrumental in developing and installing offshore facilities for the nation’s oil and gas industry. Jahangir Pourhang has served as the company's CEO since November 2024. His predecessor, Hossein Shiva, previously led the company; Shiva was a former manager at the National Iranian Tanker Company and an alumnus of Imam Hossein University, affiliated with the Islamic Revolutionary Guard Corps (IRGC).
📌To read the whole dossier of IOEC, visit our website.
#dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company
🔹In Iran’s lucrative and politically charged oil industry, power and profit often go hand in hand. Senior executives in both public and private sectors are typically drawn from the ranks of the regime’s trusted inner circle, granting them access to insider information and privileges that foster corruption.
🔺Founded in 1992 as Iran's first general contractor specializing in offshore projects, IOEC has been instrumental in developing and installing offshore facilities for the nation’s oil and gas industry. Jahangir Pourhang has served as the company's CEO since November 2024. His predecessor, Hossein Shiva, previously led the company; Shiva was a former manager at the National Iranian Tanker Company and an alumnus of Imam Hossein University, affiliated with the Islamic Revolutionary Guard Corps (IRGC).
📌To read the whole dossier of IOEC, visit our website.
#dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company
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📃History and Management Structure of IOEC (Dossier Six)
🔹In 1992, IOEC emerged as the nation’s first public contractor specializing in offshore projects. Tasked with a crucial role, the company was responsible for the construction and installation of offshore facilities vital to Iran’s oil and gas industry.
🔺IOEC, is partially owned by Oil Industry Pension Fund (51%), Iranian Security Forces Cooperative Foundation (46%), and company’s employees (3%).
🔸Over the years, the company has had various managers, including the current CEO, Jahangir Poorhang, Hussein Shiva, a graduate of the Imam Hossein University of the IRGC, and Masoud Sultani Pour, associated with the hardline Ansar Hezbollah group and Ali Taheri-Motlagh, who was at the helm during the financial scandals. These managerial changes have largely been driven by the political preferences of each government.
📌To read the whole dossier of IOEC, visit our website.
#dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption
🔹In 1992, IOEC emerged as the nation’s first public contractor specializing in offshore projects. Tasked with a crucial role, the company was responsible for the construction and installation of offshore facilities vital to Iran’s oil and gas industry.
🔺IOEC, is partially owned by Oil Industry Pension Fund (51%), Iranian Security Forces Cooperative Foundation (46%), and company’s employees (3%).
🔸Over the years, the company has had various managers, including the current CEO, Jahangir Poorhang, Hussein Shiva, a graduate of the Imam Hossein University of the IRGC, and Masoud Sultani Pour, associated with the hardline Ansar Hezbollah group and Ali Taheri-Motlagh, who was at the helm during the financial scandals. These managerial changes have largely been driven by the political preferences of each government.
📌To read the whole dossier of IOEC, visit our website.
#dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption
📃Corruption in the IOEC, The Missing Fortuna Oil Rig
(Dossier Six)
🔹One of the most notorious corruption scandals in the Iranian Offshore Engineering and Construction Company (IOEC) centers on the Fortuna oil rig—a case that came to symbolize systemic mismanagement and fraud under the leadership of Ali Taheri-Motlaq, who helmed the company between 2010 and 2013.
🔺During this period, IOEC presumably entered into a contract with Sepanta International to purchase the oil rig. The total transaction amount for the Fortuna oil rig was approximately $87 million. This sum, paid in three installments: $17.4 million on April 25, 2012, $40 million on October 5, 2012, and $29 million on November 24, 2012. Owing to its Iranian connections, however, Sepanta was subject to international sanctions.
🔸Despite this, the Fortuna oil rig was never delivered to Iran.
📌To read the whole dossier of IOEC, visit our website.
#Dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption
(Dossier Six)
🔹One of the most notorious corruption scandals in the Iranian Offshore Engineering and Construction Company (IOEC) centers on the Fortuna oil rig—a case that came to symbolize systemic mismanagement and fraud under the leadership of Ali Taheri-Motlaq, who helmed the company between 2010 and 2013.
🔺During this period, IOEC presumably entered into a contract with Sepanta International to purchase the oil rig. The total transaction amount for the Fortuna oil rig was approximately $87 million. This sum, paid in three installments: $17.4 million on April 25, 2012, $40 million on October 5, 2012, and $29 million on November 24, 2012. Owing to its Iranian connections, however, Sepanta was subject to international sanctions.
🔸Despite this, the Fortuna oil rig was never delivered to Iran.
📌To read the whole dossier of IOEC, visit our website.
#Dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption
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📃The Fortuna Oil Rig Scandal (Dossier Six)
🔹One of the largest financial scandals involving the Iranian Offshore Engineering and Construction Company (IOEC) revolves around the case of the missing oil rig "Fortuna." In 2012, IOEC signed a contract with Sepanta International, a company cooperating with Iran’s oil industry to bypass sanctions.
🔺To maintain this collaboration, Sepanta established a company called Dean in the UK and entered into an $87 million contract with IOEC.
🔸The sum was paid in three installments to Dean's account, yet none of these payments resulted in the rig being delivered to Iran.
📌To read the whole dossier of IOEC, visit our website.
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#Dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption
🔹One of the largest financial scandals involving the Iranian Offshore Engineering and Construction Company (IOEC) revolves around the case of the missing oil rig "Fortuna." In 2012, IOEC signed a contract with Sepanta International, a company cooperating with Iran’s oil industry to bypass sanctions.
🔺To maintain this collaboration, Sepanta established a company called Dean in the UK and entered into an $87 million contract with IOEC.
🔸The sum was paid in three installments to Dean's account, yet none of these payments resulted in the rig being delivered to Iran.
📌To read the whole dossier of IOEC, visit our website.
Twitter, Instagram, Youtube
#Dossier #IOEC #Iran_Offshore_Engineering_and_Construction_Company #Corruption