Parsian Oil and Gas Development Group Chief Executive Jafar
Hashemi said the initial public offering marked an important step for the
established petrochemical producer and would bring greater transparency and
financial discipline to the company.
He said the listing could also strengthen the company’s
credibility, facilitate financing for expansion projects and provide access to
more reliable and lower-cost funding. Listed companies may also qualify for
applicable tax exemptions, while stronger corporate governance and disclosure
could increase shareholder confidence.
Tabriz Petrochemical has defined nine development projects,
Managing Director and Board Vice Chairman Norollah Mirashrafi said. The largest
is a high-density polyethylene (HDPE) project with an annual capacity of
310,000 tonnes, which is about 80% complete.
With shareholder support, the project faces no financing
difficulties, Mirashrafi said. The company aims to raise its completion rate to
90% within the next six months. Around 70% of the project’s equipment is
domestically manufactured, with technology-based companies contributing to its
implementation.
A 30,000-tonne-per-year polypropylene granule project is 94%
complete and is scheduled to come on stream in the second half of the current
Iranian year, he said. If sufficient feedstock is available, its capacity could
eventually increase to 90,000 tonnes per year.
The company has also completed an 8.5-kilometre wastewater
transfer pipeline, while the overall project has reached about 94% completion.
The first phase is scheduled to begin operation in December or January,
according to the company.
A hybrid cooling system designed to reduce water consumption
by around 70% is also under construction, with commissioning expected in June
or July next year.
Mirashrafi said engineering work had been completed for a
proposed 100,000-tonne-per-year styrene project, with basic engineering about
16% complete. The project has received approval from the board of trustees of
the National Development Fund, and negotiations to secure the required
financing are continuing.
The listing adds Tabriz Petrochemical to the group of
publicly traded Iranian petrochemical producers, which includes major urea
manufacturers such as Pardis, Shiraz and Kermanshah Petrochemical.