IRAEE was founded in February 1995 by 15 energy and energy economics experts in Iran, and then its statute endorsed by the Ministry of Science, Research and Technology of Iran under registration number 8386. IRAEE is affiliated with the International Association for Energy Economics (IAEE). It is a non-profit and non-political organization aiming at analyzing and studying scientific, research-oriented, and technical projects concerning energy economics and energy- related issues including: Oil, gas, and petrochemicals; developments of oil markets; energy auditing; energy conservation; etc. The Ministry of Science, Research, and Technology has recognized IRAEE as one of the most distinguished and prolific Institutes in Iransince its foundation.