This company, with the objective of renovating Iran's refineries, was established in 1987. With over two decades of experience and success in contributing toward the economic development of Iran, and by implementing over one hundred million manhours of fruitful work in projects, this company is in the possession of an invaluable collection of tools, knowhow and experience required for developing the complex mega projects in the oil, gas and petrochemical sectors. This collection comprises of technical knowledge, expert human resources as well as suitable equipment and facilities. By 1996, OEIC expanded and diversified the scope of its activities, and converted its engineering department into an independent company known as the Energy Industries Engineering & Design Company (EIED). The available opportunities enabled this company to take on contract work for turnkey projects. OEIC later established the Oil and Energy Industries Development Company (OEID) to carry out studies on 16 fields in the central Iran on behalf of the National Iranian Oil Company (NIOC).
By establishing other subsidiary companies in Dubai, London and Singapore, the OIEC expanded and diversified its scope of activities further to take on some mega projects, including Phases 9, 10, 17, 18, 20 and 21 of the South Pars Gas Field as well as the Siri NGL Refinery.