During a quarterly meeting of PGPIC’s senior managers, Askari
highlighted the company’s significant achievements in production, sales, and
profitability. He stressed the importance of human capital and outlined
challenges facing the petrochemical industry on a global scale, while
reaffirming the company's commitment to investing in both upstream and
downstream projects in line with its five-year strategic plan.
PGPIC aims to improve its global ranking, currently 27th, with a
target of breaking into the top 20. Askari reported that the company’s
production increased from 20 million tons in 2020 to 24.8 million tons in 2023,
with a goal of reaching 28.6 million tons by the end of 2024. As of
mid-September, production had already surpassed 12.8 million tons, achieving
96% of the annual target.
Sales growth has been equally robust. The company’s revenues rose from
308 trillion tomans ($9.6 billion) in 2021 to 517 trillion tomans ($16.1
billion) in 2023. This year, PGPIC aims to reach 509 trillion tomans in sales,
having already achieved 102% of the five-month target.
Askari also noted a sharp rise in profitability. In June 2020, the
company's parent profit was 38.7 trillion tomans, which grew to 68.4 trillion
tomans in 2023. The company expects to reach 77 trillion tomans by the next
shareholders' meeting. Consolidated profits have also soared from 60.7 trillion
tomans in 2020 to an anticipated 115 trillion tomans this year.
The CEO outlined several key development projects, including the
startup of the Hoveyzeh gas refinery and the Gachsaran petrochemical plant in
2023, and the launch of phase one of the Hengam petrochemical complex, the
Bouali Sina paraxylene unit, and Bandar Imam’s major wastewater treatment plant
in early 2024. The company plans to bring three more projects online this year:
Apadana Petrochemical, Sadaf Petrochemical, and Arghavan Gostar Ilam.
Looking ahead, Askari revealed that PGPIC has selected two Chinese
partners to help attract foreign investment and execute its development plan.
He also emphasized the company’s commitment to supporting domestic
manufacturers and knowledge-based companies, noting the signing of 410
contracts with 332 local firms and investments worth 18 trillion tomans in
Iranian producers.
In a bid to ensure sustainable feedstock supply, PGPIC is
collaborating with the Iranian Ministry of Oil on projects to process oil at
wellheads, which could boost Iran’s oil output by up to 400,000 barrels per
day.