Mustafa Motadayen, CEO of PIDMCO, said some of the projects under
management are among the country’s largest industrial undertakings and are
critical to Iran’s push for production growth and economic resilience.
“Despite sanctions, the company continues to function as the executive
arm of Persian Gulf Petrochemical Industries Company (PGPIC), and has
transitioned from a state-run to a private entity since 2014,” Motadayen told
state media. “It has become one of the region’s leading project management
contractors.”
PIDMCO has a 31-year track record in executing large-scale national
projects, including processing units, utility and offsite infrastructure, and
strategic developments in petrochemical hubs like Mahshahr and Asaluyeh. Since
1994, it has implemented around 28 projects with a cumulative investment of
over $15 billion.
Key ongoing projects include Hormoz Petrochemical in two phases (each
comprising seven sub-projects), Almas Petrochemical with seven sub-projects,
the East Karoun flare gas recovery initiative with 19 sub-projects, and the
PDH/PP project at the Bidboland Gas Refinery. These four alone account for more
than $8 billion in investments.
Motadayen emphasized that PGPIC has prioritized projects nearing
completion to accelerate returns. “Delays beyond six years in project execution
typically lead to financial losses. Unlocking capital trapped in unfinished
projects is essential to curbing inflationary pressures,” he said.
Highlighting the national importance of commissioning half-finished
ventures, he noted that idle capital from incomplete projects compounds
economic challenges, much like unproductive household savings in gold or
foreign currency.
He added that PIDMCO is aligned with PGPIC’s strategic vision,
particularly in completing the ethylene value chain. Key assets in this chain
include the Gachsaran Polymer and Dehdasht Petrochemical projects, which will
add significant value upon integration with ethylene output from Gachsaran Petrochemical.
Among the projects set to launch in the first half of this year are
the Arghavan Gostar Ilam and Haiku Karoun petrochemical developments. The flare
gas recovery project, seen as crucial for environmental protection and resource
optimization, is also progressing toward staged completion.
Motadayen stressed that while Iran now produces over 80% of
petrochemical project equipment domestically—up from near-total dependence on
imports—full localization is neither feasible nor desirable. “Technical
partnerships with global players remain vital for accessing top-tier
technologies.”
He said that the company’s 2025 strategy includes entering
international markets such as Uzbekistan, Oman, and Armenia. “This will not
only generate foreign exchange revenues but also enhance competitiveness and
transfer valuable expertise.”
PIDMCO is also reforming its project management structure, expanding
roles beyond management contractor to general contractor and executor. “This
shift will give PGPIC greater control over its investments and boost returns.”
As part of its human resources strategy, the company is focusing on
retaining talent, fostering a culture of job security, and recruiting based on
merit through a new nationwide digital platform. Collaboration with elite
universities, including Sharif University of Technology, is central to this
effort.
Additionally, PIDMCO is working to bring Iranian experts abroad back
into the domestic workforce and is pursuing official recognition as a
knowledge-based company. “Our aim is to enhance our R&D and technical
capacity, and to collaborate with both domestic and international high-tech
firms,” Motadayen said.