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Contract Signing for Golestan Petchem Project Contractor

Contract Signing for Golestan Petchem Project Contractor
(Wednesday, June 26, 2024) 11:11

TEHRAN (NIPNA) - The EPCC (Engineering, Procurement, Construction, and Commissioning) contract for the Golestan Petrochemical Project was signed between Golestan Petrochemical Industries Company and Petrosazeh Mobin Engineering Development Company.

The contract was signed in the presence of Abdolali Ali-Asgari, CEO of Persian Gulf Petrochemical Industries Company (PGPIC), Ali-Mohammad Zanganeh, Governor of Golestan, and Ramazan-Ali Sangedovini, Member of Parliament. Mohammadreza Yazdani Kashani, CEO of Golestan Petrochemical Industries Company, and Gholamreza Hamidi, Vice Chairman of Petrosazeh Mobin Engineering Development Company, signed the contract.

In the signing ceremony, Ali-Asgari honored the memory of the martyred President and expressed hope that the Golestan Petrochemical Project will be a significant milestone in the industrial and economic development of Golestan province. He emphasized that the implementation of this project, with its complex financial arrangements, signifies a leap towards regional advancement.

Ali-Asgari acknowledged the diligent efforts of the Petroleum Minister in reviving this project, which had been inactive due to 20% debt in foreign currency. He highlighted that the Persian Gulf Petrochemical Industries Company has taken necessary steps to become the main shareholder and make the project economically viable.

Yazdani Kashani mentioned that the two-stage public tender and quality evaluation for selecting the contractor took approximately three and a half months. The project execution is scheduled to be completed in 36 months. Petrosazeh Mobin, in collaboration with three partner companies, has the capability to finance the first six months of the project from its own resources. Immediate steps will be taken to commence the project, with the primary funding expected from the National Development Fund.

Governor Zanganeh noted that the Golestan Petrochemical Project, with over 90,000 shareholders, had been stalled since 2006. After nearly 30 months of continuous efforts by the 13th government, led by the martyred President, and with the support of the judiciary, ministries of oil, economy, and interior, and the special attention of the PGPIC CEO, significant progress has been made. Important actions, such as resolving legal issues and fulfilling past contractual obligations, have been undertaken.

He announced that the project's new investor had secured €480 million financing from the National Development Fund, facilitated by Bank Tejarat. Zanganeh appreciated the breakthrough achieved by the martyred President and expressed optimism for the project's timely completion.

Ramazan-Ali Sangedovini, MP, emphasized that the efforts of the martyred President have brought hope to the people of Golestan. He stressed the project's location in the Incheh-Borun Free Zone and its potential benefits for the local population, anticipating its completion as scheduled.

Abdoljalal Eiri, Chairman of the Golestan Parliamentary Delegation, praised the collective efforts of all involved in the project's execution, highlighting that the legal complexities exceeded the technical challenges. He noted the significant potential of Golestan province and the Golestan Petrochemical Project's contribution to national and regional development, urging continued efforts to address the province's deprivation.

This project marks a crucial step towards the industrial and economic advancement of Golestan, aligning with the broader goals of regional development and prosperity.

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