Pars Oil Company was founded in 1959 as a joint-stock company by Abdol-Ali Mirza Farmanfarmaian and some of his relatives, later adding more stock holders. It was admitted to the Tehran Stock Exchange in 1962.[1] After the Islamic Revolution of 1979, the company was ceased by the revolutionary government and passed on to the control of the Mostazafen Foundation of Islamic Revolution, a government owned umbrella group set up as part of the nationalisation efforts of the new government. In the 1990s, some of the stocks were returned to former stock holders.