He urged petrochemical company managers to accelerate operational
plans and the completion of ongoing projects.
Key Takeaways from the Meeting
- Priority
on Financial Resources and Guarantees:
Sadeghi highlighted the importance of securing funding and guarantees for
projects and emphasized inter-holding collaboration for leveraging
specialized capabilities in areas like finance, investment, and services.
- Clarifying
Share Ownership:
He called for resolving issues with pending company shares and underlined
performance-based evaluation as the criterion for retaining or appointing
managers.
- Efficiency
in Financial Operations:
Stressing the urgency of financial solutions, he stated projects must not
stall due to funding challenges. He demanded transparency in managerial
payments to safeguard public funds.
- Expanding
Business Focus:
The CEO criticized the narrow focus of SITCO, Petrofarhang's trading arm,
on methanol sales. He advocated for broader activities, including exports
and imports, while addressing logistical challenges like the lack of ships
and storage facilities.
- Upstream
Gas and New Ventures:
Sadeghi urged increased participation in upstream gas projects, calling
them essential for long-term growth.
Petrofarhang's Financial Milestones and Achievements
Zarepour, CEO of Petrofarhang Holding, shared
the following:
- A
221% increase in net profit for the fiscal year ending September 2023.
- Integration
of the Dena project with Saba Petrochemical resolved major risks and
enabled significant financing progress.
- Methanol
production rose by 41%, achieving the highest production record to date.
- Funding
highlights included:
- IRR
2 trillion from capital markets for Dena project
completion.
- EUR
17 million from Germany’s EIH Bank.
- Resumption
of a 440-bed hotel project in Assaluyeh after 8 years, set for completion
by 2026.
Petrofarhang's transformative financial strategies and operational
advancements underscore its commitment to creating sustainable wealth for stakeholders,
especially educators.