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- 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.
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