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Petrofarhang Evaluates, Addresses Project Execution Process Challenges

Petrofarhang Evaluates, Addresses Project Execution Process Challenges
(Wednesday, November 8, 2023) 10:09

TEHRAN (NIPNA) -- Petrofarhang Petrochemical Holding recently conducted an in-depth assessment and review of the execution process and challenges surrounding its various petrochemical projects.

In a recent meeting focused on troubleshooting and evaluating the execution progress of two separate petrochemical projects, Dena and Siraf Energy, Javad Zarepour, the acting head of the holding, emphasized the prioritization of challenges to overcome them.

Zarepour revealed that Petrofarhang is on track to achieve significant physical progress.

According to the established plan for the fiscal year 1402-1403 (September 2022 to September 2023), these projects are set to advance to 93% completion for Dena and 80% completion for Siraf, with a financial infusion of approximately 12 trillion Iranian rials. This progress results from collaboration with strategic partners and the utilization of the National Development Fund's resources and agreements made with domestic and foreign investors.

Zarepour stressed the importance of weekly monitoring, control, and evaluation of project execution, ensuring that past events and challenges do not disrupt current planning and decision-making processes.

The acting head of Petrofarhang emphasized that there is no justification for the considerable ongoing expenses incurred by companies without physical progress. He urged company managers to activate various project fronts through strategic planning and financial resource allocation, thereby accepting reasonable and transformative risks.

Zarepour called for the identification and prioritization of challenges and urged CEOs to untangle project impediments with dexterity, recognizing that effective management should yield significant contributions to the national economy, people's livelihoods, and, notably, increased profitability for shareholders.

Furthermore, Zarepour underscored the need for monthly progress reporting by companies, expecting the managing directors of Petrofarhang's subsidiaries to meticulously decide on various issues in line with the approved plan and to execute them boldly and efficiently.

This meticulous evaluation and commitment to continuous improvement underscore Petrofarhang's dedication to realizing the full potential of its petrochemical projects and contributing to Iran's economic growth and stability.

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