While the currency and economic crises have crippled Iran’s oil industry, new reports have emerged about the family members of oil executives operating in foreign markets. The name of Ali Khamenei, the Iranian regime’s supreme leader, and the power structure under his supervision appears in the background of this story; a structure that has long been associated with allegations of systematic corruption.
According to a report published by the state-run outlet Seday-e Naft, one of the senior managers of NICO (Naftiran Intertrade Company), the foreign trading arm of Iran’s oil sector, is under scrutiny while his daughter works at the shipping office of a well-known oil trader in Dubai’s Business Bay district. Her monthly salary has been reported at about 20,000 dollars. This figure is being discussed at a time when many employees in Iran’s domestic oil industry are facing delayed wages and reduced benefits.
Thirty-Eight Percent of Iran’s Oil Revenue Did Not Return to the Country From March to November
The presence of oil executives’ children at the heart of regional oil trade has raised serious questions. Dubai’s Business Bay is considered one of the main hubs for commercial and oil trading companies in the emirate. The placement of relatives of oil managers in such positions, at a time of severe foreign currency restrictions inside Iran, has drawn public attention.
Reports also indicate that this individual has purchased a luxury apartment unit in Downtown Dubai. Informed sources have stated that the acquisition was made relying on family financial resources.
For years, NICO has been known for controversial financial cases and opaque oil dealings. The company serves as the foreign arm of the Iranian regime’s oil trade, and many oil transactions under sanctions have been conducted through it. However, transparent and detailed reports about its financial performance are not publicly available. Now, the issue of the so-called “privileged oil offspring” has once again brought the company’s name into the spotlight.
The killing of the hungry in the streets and the dollar-based lifestyle of oil executives’ children
At a time when the government speaks of a shortage of foreign currency resources, the dollar-based lifestyle of oil executives’ children creates a stark contrast. The oil industry is struggling with an investment crisis and aging equipment. Contract workers have repeatedly protested their living conditions. Nevertheless, the so-called privileged oil offspring apparently remain unaffected by these crises.
So far, no official response has been issued by NICO or the individuals named. The silence of responsible authorities has increased the ambiguities. Oversight bodies have also provided no explanation regarding the legal framework governing the employment of oil executives’ relatives in foreign companies. This lack of accountability has once again highlighted the issue of conflicts of interest.
This case is only one example of a structure that has taken shape over decades, a structure in which rent-seeking, family ties, and access to public resources are intertwined. The experience of the past four decades has shown that this cycle of corruption is not reformable within this system.
