The new legal composition of the board of directors of Shazand Refinery has been registered with the presence of Bank Refah Kargaran, Social Security Organization, and Kowsar Economic Organization. These changes have particularly drawn attention regarding the financial status of the refinery and the future of Reza Cheraghi Koutiani's directorship.
Details of the New Board of Directors Registration
The minutes of the annual ordinary general assembly of Imam Khomeini (RA) Oil Refining Company of Shazand, dated August 3, 2025, have been registered, and the composition of the legal members of the board of directors of this company has been determined. According to the registered composition, Bank Refah Kargaran, Social Security Organization, Kowsar Economic Organization, Refah Investment Development Company, and Iran Construction Project Management Company (MAPSA) will serve as the five legal members of the board of directors of Shazand Refinery.
The presence of Kowsar Economic Organization, affiliated with the Martyrs Foundation and Veterans Affairs, in this composition is a significant point. This organization has taken one of the seats that was previously held by the Social Security Organization, and now with the registration of the minutes, its presence in the legal composition of the board of directors of Shazand Refinery has been formalized.
The Future of Reza Cheraghi Koutiani
Reza Cheraghi Koutiani, the current CEO of Shazand Refinery, was appointed as the chairman of the board of directors of this refinery on June 30, 2024, and about six months later, on January 1 of the same year, he was introduced as the CEO of this entity. His appointment was accompanied by questions regarding his level of experience in managing oil refineries. Cheraghi Koutiani previously served as the CEO of Petro Omid Asia, which operates in engineering services and oil and gas projects.
Managing Shazand Refinery, one of the largest refineries in the country, encompasses responsibilities such as maintaining production, major repairs, securing feedstock, selling products, managing human resources, and financial commitments. The registration of the new board composition could provide an opportunity to evaluate the performance of the current management period and make decisions regarding the continuation or change of the executive management of this entity.
Financial Status and Commitments of Shazand Refinery
The status of financial commitments of Shazand Refinery is another important topic in assessing the current situation of this company. According to the audit report of Bank Refah, of the total approximately 830 trillion IRR receivables of this bank from subsidiary companies, nearly 310 trillion IRR pertains to Shazand Refinery, which accounts for over 37% of the total mentioned receivables. This outstanding debt does not inherently mean it is overdue, but its volume has turned the financial status of the refinery and the management of commitments into a significant topic for shareholders and board members.
The importance of this issue increases when Bank Refah Kargaran, in addition to its substantial claim against Shazand Refinery, is also one of the legal members of the board of directors of this company. With the formalization of the new legal composition, attention is now focused on the subsequent decisions of the board of directors of Shazand Refinery.
The future of Reza Cheraghi Koutiani in the CEO position or the selection of a new manager will depend on the evaluation of the board of directors and the managerial, operational, and financial performance of the refinery. It remains to be seen whether Bank Refah and other board members consider Cheraghi Koutiani's continued presence beneficial for the refinery or if the new composition marks the beginning of another change at the helm of this refinery's management.
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