Bandar Imam becomes the giant of Iran’s petrochemical paper projects

According to Energy Press, Sepahdar Ansarinik, CEO of Bandar Imam Petrochemical, has defined a project worth $1.4 billion despite the company’s profit of about 8 trillion tomans; while the silence and indifference of the former and current managers of Persian Gulf Holding is the strange part of this story.
Bandar Imam is a giant with a diverse basket of aromatics, olefins and basic feedstocks; the connecting point of a chain that extends from Amir Kabir and Tondgoyan to Khuzestan, Karun, Shimibaft, Rijal, Ibn Sina and Bisotun.
A risk beyond a management error
The smallest disruption in this complex sets off a domino of crisis in the entire petrochemical industry. Therefore, every wrong decision in Bandar Imam is not only a management error, but also a national risk.
Now the question is simple: with what logic does a company with a profit of 8 trillion tomans proceed with a $1.4 billion project? Is financing supposed to come from debt and borrowing or is there more pressure on the supply chain? Are there specific contractors or a specific group involved?
The “Imam Novin Port” project has been underway since 1402 and includes chlor-alkali 1 and 2 and the completion of its value chain; part of its implementation dates back to the period of Mohammad Shariatmadari’s management. In the meantime, fundamental questions arise: Why have the company’s costs increased from 7 hemmats to 13 hemmats in one year, almost doubling? Is Persian Gulf Holding’s plan to list Bandar Imam shares on the stock exchange, similar to Arvand, not an injustice to shareholders, given the company’s meager profits and the sale of 108 hemmats? Why hasn’t Shariatmadari stopped or eliminated this “paper giant” yet? Does he know about the behind-the-scenes of the Bandar Imam Novin project and the Ansari Nik case?