Petrofarhang Holding’s commitment to enter downstream petrochemical industries

According to Energy Press, citing Farhangian Reserve Fund, Ali Sadeghi, in a meeting with the CEOs of Petrofarhang Holding and its subsidiaries, listed one of the priorities of Petrofarhang as determining the status of the provision of resources and guarantees necessary for the implementation of projects, and reminded: In the ongoing processes and programs of Petrofarhang’s subsidiaries, it is necessary to use the capacity and capabilities of other holdings in specialized areas such as finance, investment, and services.
Expressing relative satisfaction with Petrofarhang’s performance, he stated: In this area, there are still challenges and issues that must be resolved quickly, and one of the important issues is determining the status of shares of some companies.
The CEO of the Farhangian Reserve Fund Institute considered the challenges of Petrofarhang Holding to be the issue of appointments and the method of attracting human resources and stated: The basis and priority in appointments is to employ people who can help advance the plans and resolve Petrofarhang’s challenges, and accordingly, we have a serious approach to external pressures regarding the appointment of people in this holding. The fund’s basis in retaining and employing human resources is the performance of individuals.
Referring to the need to secure financial resources and the necessary conditions and guarantees to complete the projects under implementation, Sadeghi said: To achieve this, the advancement of the operational plan should be given serious attention, and ongoing projects should not be stopped under the pretext of problems such as financing. In addition, providing the necessary financing and guarantees for the implementation of the work is the responsibility of the holding and the fund, and the companies should proceed in such a way that no loss is caused to the group due to the failure to implement the plan.
He referred to the issue of entering downstream and upstream industries and added: “Although this should have happened sooner, we still need to enter this field with more diligence.”
The CEO of the Farhangian Reserve Fund Institute, pointing out that the performance of the fund’s petrochemical trading department is far from optimal conditions, said: “Despite the efforts that have been made, Sitco Trading Company, considering its mission, should not focus only on selling methanol and should use all capacities to develop exports and enter the import sector.”
Sadeghi listed one of the problems of this holding company as the lack of ships and tanks and said: “Resolving the challenges in this area requires radical and deeper attention.”