PGPIC, Innovation Fund sign deal to boost Petchem Sector

PGPIC, Innovation Fund sign deal to boost Petchem Sector
(Monday, May 22, 2023) 23:18

TEHRAN (NIPNA) -- Iran's Persian Gulf Petrochemical Industries Company (PGPIC) and the Innovation and Prosperity Fund (IPF) signed a memorandum of understanding on Saturday to develop knowledge-based activities in the petrochemical value chain.

The deal, signed on the last day of the 27th Oil, Gas, Refining and Petrochemical Exhibition in Tehran, includes the establishment of a corporate venture capital fund (CVC) that will provide investment opportunities for various knowledge-based sectors in the petrochemical industry.

Abdolali Ali-Asgari, PGPIC’s chief executive, said that knowledge-based companies were the peak of achievements in the petrochemical industry and that they could have a better future for this sector if they were financially supported.

He praised IPF's support for knowledge-based companies in the country and said that one of PGPIC’s major strategies was to move towards the downstream chain of the petrochemical industry.

"The diversity of knowledge-based companies and the diversity of technology and knowledge will help accelerate the development of the petrochemical value chain," he said, adding that the goal of signing the memorandum was to support knowledge-based companies active in the petrochemical industry.

Mohammad-Sadegh Khiyabani, IPF's chief executive, said that the oil industry was a mature industry and that Iran had very good capacities in this field. He added that knowledge-based companies also had high capabilities to meet the technological needs of this industry.

He said that more than 1,200 knowledge-based companies were active in the fields of oil, gas and petrochemicals and that technology and investment were two key factors in this industry.

According to Khiyabani, IPF will support value-creating downstream projects in the petrochemical industry in cooperation with PGPIC. He also said that IPF will identify the technological needs of the oil, gas and petrochemical sector and help meet them with the help of knowledge-based companies.

He pointed out that establishing a CVC fund with PGPIC was another outcome of the memorandum and said: "This fund will provide investment opportunities for various knowledge-based sectors in the petrochemical industry. These collaborations are very good opportunities that will help boost and develop knowledge-based companies in the petrochemical industry."

He expressed hope that with PGPIC's cooperation and supportive vision, more growth of knowledge-based companies in the petrochemical industry would be witnessed. "I believe that knowledge-based companies have high capabilities in this field and that there is room for increasing the use of knowledge-based industries in the petrochemical industry," he said.

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