Mohammad Shariatmadari made the remarks at the company’s annual
general meeting, praising the group’s skilled workforce as its most valuable
asset. He stressed that while governance obligations must be met, the company’s
primary mission is to generate sustainable shareholder returns.
Shariatmadari highlighted the importance of halting loss-making
production to prevent financial strain on shareholders. “No company should
continue production at a loss due to product type, feedstock issues, market
prices, or workforce limitations,” he said, adding that he is prepared to
suspend unprofitable operations if necessary.
The CEO also pointed to the group’s global standing, ranking 12th
among the top 100 chemical companies worldwide. Last year, PGPIC set a
historical production record, increasing output by over 2 million tonnes, with
major contributions from its Bandar Imam, Nouri, Bidboland, Hoveizeh gas
refinery, Gachsaran, and Pars complexes.
He noted that the company’s market value has reached 875 trillion
rials, and its capital was raised by 25 trillion rials to 100 trillion rials to
fund projects and optimize tax and financing strategies.
Shariatmadari outlined the company’s green initiatives, including the
Apadana methanol project, which creates 420 jobs, and the flare gas recovery
project at Bidboland, which has shut down 57 flares and prevented 10 million
tonnes of carbon emissions, representing 26% of Iran’s Paris Agreement
commitments. Across the group, 26 projects are underway with a total nominal
capacity of 12 million tonnes and an investment of $7.25 billion.
He also highlighted innovation and social responsibility programs.
PGPIC has established a corporate venture capital fund with an initial capital
of 1 trillion rials to support technology-driven domestic projects and an
engineering company for localizing petrochemical knowledge. The company also
set a 50 billion-rial CSR budget to support scholarships and local talent
employment through its “Future Leaders of the Petrochemical Industry” initiative.