Tabriz Petrochemical has included the provision of 30 trillion tomans in financing in its plans for development and project completion. Hemat Jafari, the financial and economic deputy of this company, emphasized the importance of securing financial resources for project completion during an introductory meeting where he presented a report on the financial status and development plans.
Details of Project Financing
Jafari further referred to the budget for the construction of the second unit, stating that the foreign budget for this project is estimated at 85 million dollars and the rial budget is 167 trillion rials, equivalent to about 16.7 trillion tomans. Of this amount, about 22 million dollars and 7 trillion tomans remain, for which the company has planned to secure resources. Additionally, Tabriz Petrochemical has initiated negotiations with three entities to independently finance some projects.
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Growth of Retained Earnings and Financial Status
The financial and economic deputy of Tabriz Petrochemical announced in another part of his speech that the retained earnings of this company at the end of the last financial year were about 4.4 trillion tomans and, considering the performance of the first six months, have increased to about 10.5 trillion tomans. He also reported the absence of tax debts and tax disputes, emphasizing that Tabriz Petrochemical has no disputes with the Tax Administration.
Jafari, referring to the valuation of the company's shares at 30 trillion tomans and the figure of 227 trillion tomans for the NAV index, highlighted the importance of created assets and investments made in the economic evaluation of the company. He emphasized that Tabriz Petrochemical has received facilities worth 1.5 trillion tomans from Bank of Novin and is pursuing the final stages of securing 35 million dollars in foreign financing from Bank Mellat.
Tabriz Petrochemical has also received an approval for 5 trillion tomans in financing from Bank Refah, and the financing of 95 million dollars for the project related to the heavy polyethylene unit is also being pursued. Jafari added that the company will secure the necessary resources according to the actual needs of the projects.
Finally, the financial and economic deputy of Tabriz Petrochemical emphasized the importance of cost management in financing and stated that using cheaper financial resources can help improve the company's profitability and strengthen shareholder interests.
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