200% realization of the budget, development of power plants, and pre-commissioning of Sabalan Petrochemical

The ordinary annual general assembly of Petrofarhang Holding for the fiscal year ending Shahrivar 31, 1404, was held on Tuesday, Bahman 14, chaired by Alireza Zeighami and with Javad Zarepour, CEO of Petrofarhang Holding, acting as secretary, and attended by the board members of this holding, Abbas Sayyadizadeh, Deputy of Companies and Assemblies Affairs of the Teachers’ Reserve Fund, and the CEOs of subsidiary companies. According to the Public Relations and Brand Development of Petrofarhang Holding, the CEO in the board’s report to this assembly said: “Phase 2 of Sabalan Petrochemical, with the efforts of capable Iranian managers and engineers, has been put into the commissioning stage, and practically next year, the annual methanol production capacity in Petrofarhang’s subsidiaries will reach about 5 million tons.” “This commissioning should be considered the result of the expert merger of the Dena project into Sabalan Petrochemical in the year 1403 and as the greatest transformation of the past decade for Petrofarhang, because one of the biggest threats to the holding turned into a rare opportunity.” “In this path, 4 macro goals were pursued for a new breakthrough in the holding, and now after 18 months, all these goals have been operationalized.” Javad Zarepour added: “Exiting Article 141 of the Commercial Code, preventing a financial loss of 3 thousand billion Tomans due to financial interferences, financing 3 thousand billion Tomans to accelerate project execution to complete it, and finally entering the capital market and the stock exchange for transparency and financing were the results of that expert merger, whose final outcome was significant progress of the project compared to the past and the pre-commissioning of the project.” He then, emphasizing the second consecutive year of Petrofarhang’s profitability, stated: “In this fiscal year, due to the outbreak of the 12-day imposed war and the gas cut-off to production units because of the imbalance prevailing in the country, the production difficulties were doubled, but considering the programs communicated by the CEO of the Teachers’ Reserve Fund and the efforts of our colleagues in the subsidiaries, the holding’s budget plan was realized and reached 200%.” “Also, exports and currency generation of over 700 million dollars for the country by producing nearly 2.8 million tons of petrochemical products were among Petrofarhang’s other achievements in this fiscal year.” He listed financing as another main program of Petrofarhang and said: “Listing the Sabalan symbol in the Second Market of Fara Bourse after 18 years of the holding’s activity, the admission of MAPNA Company to the Fara Bourse as Petrofarhang’s second step in bringing companies into the capital market, and securing more than 8 thousand billion Tomans in the form of Salaf bonds, Manfaat bonds, and LCs were the most important executive programs of the holding in this fiscal year. Also, completing the pre-admission stages and obtaining approval for Petrofarhang’s entry into the capital market was also done this year, which we hope, considering the successful financial statements recorded, will be made possible in the new fiscal year.” Zarepour said: “The path ahead for Petrofarhang Holding, especially in the energy sector, is not drawn in the continuation of past models, but in a conscious transition towards a knowledge-based industry, development of clean energies, smartification of processes, and presence in the three upstream, midstream, and downstream areas of the oil industry; A path that we moved on last year and, with all the hardships, have drawn a new prospect, thus, aside from the discussion of petrochemicals, we have marked the most important events of the past year in the two areas of power generation and upstream industries.” He said in this regard: “Concluding a partnership contract for the development of Gordan and Pazan gas fields for the first time in the 18-year history of the holding, and Petrofarhang’s entry into the primary loop of the country’s oil and gas chain as the first holding in this field, and beginning basic engineering studies and forming the project’s executive structure with the aim of sustainable participation in the development of these two gas fields were carried out in this fiscal year to resolve one of the biggest risks of production companies (gas shortage) and create a new opportunity for the holding.” The CEO stated that Petrofarhang’s other plan in the new fiscal year is the development of electricity generation power plants and stated: “Exploitation of the Esfandagheh 2 solar power plant in Kerman province with the presence of the Minister of Education this year was the start of a new path that Petrofarhang intends to develop. Following the executive operations to build two new solar power plants in the direction of realizing the 400-megawatt clean energy goal in the 4-year program of the holding will be pursued for this year. Also, in the past fiscal year, over 45 megawatts of electricity were delivered to the national grid in line with performing the national duty of fixing the country’s energy imbalance, and preparations for constructing the second gas power plant for electricity generation in MAPNA Company also began.” Supporting knowledge-based companies and localizing petrochemical equipment was another focus of Zarepour’s report. He said in this regard: “Installing the first internally manufactured methanol synthesis reactor localized by Petrofarhang Holding’s ordering in Phase 2 of Sabalan Petrochemical, the first step in the country in localizing the EO catalyst in Morvarid Petrochemical, installing the first localized heat exchangers and methanol synthesis reactors of Sabalan 2 Petrochemical for the first time in the country, and continuing intra-group cooperation with Machine Sazi Arak company in manufacturing 30 special process equipment and preventing the outflow of foreign currency from the country, are in line with the belief and program that we emphasize in the holding, and in the new year we will also be a pioneer in this regard.” “Launching the ‘most transparent trading system of the Teachers’ Reserve Fund’ in the direction of smart governance, implementing the integrated human resources system within the framework of payment justice, holding the first recruitment exam in Petrofarhang Holding’s history in cooperation with the National Organization of Educational Testing, starting the process of obtaining ISO 9001 and EFQM for Petrofarhang for the first time, and executing the job classification plan based on the 4p model for the first time, were among other issues raised in Zarepour’s report to the ordinary annual general assembly ending in Shahrivar 1404 of Petrofarhang.” At the end of this assembly, the financial performance was read by the independent auditor and legal inspector, the financial statements for the fiscal year 1404 were approved, and Donya-e-Eqtesad newspaper was designated as the official newspaper of Petrofarhang Holding.