What happened at the 2024 Mobin Energy Assembly?

According to “Energy Press”, the annual general assembly of Mobin Energy Company of the Persian Gulf, one of the largest utility units in the country, was held in an extraordinary manner with the presence of 83.52% of shareholders and also members of its board of directors. This assembly was accompanied by margins that aroused the concern of shareholders.

In this assembly, which was held two months late, the board of directors presented a comprehensive report of its one-year performance and answered the challenging questions of the shareholders; The legal auditor also presented his report and finally, important decisions were made regarding the future of the company.
In this regard, many questions regarding the financial status of the company, long-term contracts and especially outstanding demands from petrochemical companies were raised by the shareholders.

During the mentioned period, this company supported 31% of the production of 87 million tons of the country’s petrochemical industry, and on the other hand, 35% of the total export income of the petrochemical industry of 13.6 billion dollars was obtained by Mobin Energy.
Due to the non-announcement of new product sales rates in 2023, the profit per share has been calculated by taking into account the 200% capital increase and based on the previous year’s rates.
According to the announcement of the board of directors, the company faced gas outage for 75 days in the winter of last year.
Also, the production of vital products such as nitrogen, electricity, steam, fresh water and air for precision instruments exceeded the approved plan last year and set new records. In particular, the production of service air and fresh water in 1402 reached its highest level in the last 12 years.
Despite the decrease in gas supply and production restrictions in some petrochemical companies, Mobin Energy was able to achieve more than 96% of its production plan.
Another noteworthy point in this report was the success of energy in increasing the tax exemption of Article 132 from 10 to 20 years.
According to the report, Mobeen Persian Gulf Energy Company purchased more than 99% of the shares of Apadana Company in November 2018, and now the physical progress of the Apadana Methanol Unit project has reached 98%. With the full launch of the Apadana methanol unit, the company’s production capacity and profitability will increase significantly.