Dena Petrochemical’s Annual General Assembly was held

Dena Petrochemical’s Annual General Assembly was held on Monday, Nov. 13th, 2023 with the presence of Ali Yari, Energy Sepehr Holding’s CEO, Hossein Hashemi, Dena Petrochemicals’ CEO, Dena Petrochemicals’ board members headed by Alireza Fathinia, and other senior managers of Sepehr Saderat financial group and Petrofarhang.

Hossein Hashemi, Dena Petrochemicals’ CEO, declared in this assembly: “Various activities were implemented with a problem-solving approach and attention to the crucial problems in Dena Petrochemicals over the last fiscal year, and the organization paid its best efforts to implement shareholders’ plans and policies. Following up on the €20 million facilities from the EIH Bank was another measure taken over the past month to fund the resources required to build the main and processing equipment at Arak Machine Works.

He added: “In line with Dena’s goals aimed at supporting domestic knowledge-based companies, effective cooperation was established with Arak Machine Works with the priority of manufacturing processing equipment as the heart of petrochemicals, which led to the manufacturing and installation of a super-heavy 240ton reactor with a diameter and length of 6.5 and 22m, respectively, complying with international standards for the first time in Iran.

Hashemi continued, “One of the most helpful measures taken over the recent fiscal year was preparing the special processing equipment in the Machinery complex, and the other was signing the contract to supply the remainder of the equipment after four years of suspension between Dana Petrochemicals, Pidek, and Sabalan Corporations, which took place through various and compact meetings”.

Dena Petrochemicals’ CEO pointed to the plans made in the compilation of a realistic operational budget for the next fiscal year: “In this regard, it was decided that 50% of the project’s required resources would be provided by the shareholders and the other 50% would be funded through bank facilities. Still, managers at Dena will do their best to investigate all the possible funding approaches to complete the project by the end of 2024”.

Eventually, he declared: “The use of capacities provided by the government and influential institutions such as the Ministry of Oil has placed Dena Petrochemicals among the government’s prioritized program to ensure banking facilities for this project. This achievement will soon lead to IRR 4.5 billion facilities by Melli Bank, which will accelerate project advancement and strengthen the working fronts at Dena.

By the end of the meeting, financial statements and board of directors’ report were approved and Iran Newspaper was appointed as Dena Petrochemicals’ official Newspaper.

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