According to Petrofarhang Holding, Javad
Zarepour, speaking at the annual general meeting of shareholders, stated,
"Earning $770 million in the fiscal year ending in September 2023 in
subsidiary companies was one of the targeting objectives to support the
national economy achieved under difficult sanction conditions."
Zarepour continued, "About 80 percent of
Petrofarhang's investment basket was previously allocated to the methanol
sector, posing the biggest risk to the conglomerate. Therefore, we plan to
reform the investment portfolio and enter downstream industries such as acetic
acid, vinyl acetate monomer, polymers, and synthetic ethanol to transform this
risk into a valuable opportunity."
Elaborating on the future plans, Zarepour
revealed that by 2028, all methanol produced in Kimia Petrochemical would be
used as feedstock for the Parsian Moonlight project, with an annual capacity of
1.65 million tons. Additionally, 533,000 tons of methanol and the equivalent of
578,000 tons of synthesis gas from Dena and Sabalan's methanol production
capacity would be utilized to supply feedstock for the Lavan chemical
downstream project.
Highlighting the forthcoming commissioning of
Dena and Siraf Energy petrochemical plants in the next two years, Zarepour
emphasized the significant focus on selling the produced goods efficiently
across subsidiaries. He mentioned plans to establish a streamlined and
versatile sales mechanism to concentrate the sale of all produced goods under a
defined framework, aiming to enhance productivity and streamline the system.
Zarepour also underscored Petrofarhang's
commitment to supporting domestic production, noting its pioneering efforts in
indigenous catalyst synthesis, particularly for Sabalan Petrochemical Plant. He
highlighted the benefits reaped by many other production units from this
initiative.
Concluding his remarks, Zarepour declared that
transparency in financial and transactional affairs is a paramount principle
within the holding.
He announced the implementation of an integrated transactional system and a
comprehensive human resources system across the holding and its subsidiaries to
ensure transparency and accountability, thereby combatting corruption and
injustice and solidifying these principles as corporate fundamentals.