The CEO of the Persian Gulf Petrochemical Industries Company, at the annual ordinary general assembly of the company (second session), outlined the plans for the upcoming period, emphasizing the necessity of reducing dependence on a single source of income, diversifying the value chain, increasing production resilience, and moving towards productivity and smart technology. He also announced the holding's plans for the development of solar power plants, increasing domestic manufacturing, securing energy, and rehabilitating damaged units.
Shariatmadari, the CEO of the Persian Gulf Holding, referring to the experience of recent imposed wars, stated that one of the most important lessons from this period is the necessity of diversifying the production and income bases of the holding. According to him, if one section of the production or energy supply chain is damaged, the entire group's dependence on that section can put production and ultimately shareholders' profits under pressure.
Development Plans and Renewable Energies
Shariatmadari added: The Persian Gulf Holding must not only strengthen petrochemical activities but also create diversity in related and complementary areas. According to him, this approach is also pursued in the field of exports, and creating diverse export routes, investing in maritime routes, and utilizing the capacities of neighboring countries are on the agenda.
The CEO of the holding also announced a review of energy infrastructures and stated that one of the main focuses of the new program is to reduce dependence on centralized infrastructures and move towards dedicated energy supply for production units. The identification of capacities and solar power plant projects in the country has been carried out, and planning for the construction of about 815 megawatts of solar capacity is underway.
Productivity and Smart Technology
Shariatmadari expressed hope that part of this capacity would come online by the end of the year and that the Persian Gulf Holding could become one of the largest holders of solar power capacity in the country. He further noted that productivity, cost reduction, increasing actual production capacity, and utilizing data and artificial intelligence are other focal points of the holding's program, stating that smart technology projects should start from small but real projects in various units.
The CEO of the Persian Gulf Holding also identified price suppression as one of the problems in the production sector, stating that in conditions where production costs are rising, the administrative stabilization of prices can increase the gap between the cost price and the selling price. According to him, working groups have been formed within the government to address this issue.
Shariatmadari emphasized that the holding's response to the new conditions is to increase transparency and communication with shareholders. He also announced plans to hold virtual meetings and enhance accountability to shareholders, stating that more communication, more information, and more accountability will be the three pillars of the management's commitment to shareholders.
In another part of the assembly, explanations were provided regarding the status of damaged units and their rehabilitation plans. The holding's managers announced that after evaluating the equipment, parts of the facilities that can be restored have been identified, and the process of renovation and repair is being pursued.
Additionally, increasing domestic manufacturing of equipment and parts was another topic raised in the assembly. Thousands of mechanical parts and equipment needed for the industry have been manufactured domestically, and the development of catalysts and electrical components is also on the agenda.
Finally, Shariatmadari emphasized the importance of human capital, stating that workers, employees, and industry specialists are among the most important assets of the holding, and preserving and enhancing their expertise, alongside the development of technology and infrastructure, is included in the future plans of the group.
