Monenco Iran was founded in 1973 as joint venture company between private sector of Iran and Montreal Engineering Co. of Canada.

From 1980 to 1991 Monenco Iran was managed by the Iran Ministry of Energy and merged into Ghods Niroo.

In 1991 Monenco Iran continued its activities by partnership of the Government of Iran and then Monenco Agra of Canada.

In 1997 the Government of Iran sold its share to MAPNA Co. and MIR Investment Co. (cooperation of Monenco Iran employees).

In 1999 AMEC acquired Monenco Agra and consequently became the share holder in Monenco Iran.

Presently the Major shareholders of Monenco are MAPNA, AMEC and MIR.