Speaking at a press briefing on the sidelines of the 29th
Iran Oil, Gas, Refining and Petrochemical Exhibition, Mahmoud Amin-Nejad,
PGPIC’s Vice President for Planning and Business Development, said the group
has launched several short-term, high-yield projects while restructuring
investment processes in consultation with financial market experts.
“Eight years ago, PGPIC entered the upstream sector by
acquiring and managing the Bidboland Gas Refinery. Since then, it has carried
out significant flare gas recovery projects and refinery development
initiatives,” Amin-Nejad said. “We are now preparing to enter new oil and gas
fields, with official announcements expected soon.”
Highlighting issues of imbalanced development within the
value chain, Amin-Nejad cited delays in the downstream segment of the Bidboland
ethane chain, caused by setbacks at the Gachsaran petrochemical plant. He
emphasized that new management is prioritizing projects that ensure consistent
shareholder returns.
“With limited financial resources, a prioritization system
has been introduced to focus on high-impact, profitable projects,” he said.
Priority ventures currently include Dehdasht Petrochemical, the expansion of
health-grade polymer production, Bidboland flare gas recovery, phase two of the
Hoveyzeh Gas Plant, and the long-pending Sadaf Petrochemical Project.
“The Sadaf project, for instance, can now proceed thanks to
funds from the divestiture of equity in Arzesh Mandegar Khalij Fars,” he noted.
PGPIC is also pursuing fast-track projects to avoid capital
lock-up. “A $30 million upgrade at the Hoveyzeh refinery will boost capacity
and supply feedstock to Bandar Imam, increasing overall profitability,”
Amin-Nejad said. He also outlined plans to integrate the
ethylene-to-polyethylene chain in health polymer production for higher value
generation.
In a broader strategic shift, the company is introducing
organizational and procedural reforms under the oversight of specialized market
committees.
“As Dr. Shariatmadari emphasized, we are committed to
structural reform rather than piecemeal adjustments. Committees of legal,
monetary, and capital market experts are reviewing and updating internal
regulations to ensure operational transparency,” he said. “This will give
shareholders confidence that their investments are in responsible hands.”