Special bonds of Siraf Energy Petrochemical Project will be released

Siraf Energy Petrochemical Company’s General Annual Assembly was held on Tuesday, November 8th, 2023, with the presence of Yari, Energy Sepehr Holding’s CEO, Hassan Nozhat, CEO and and Vice Chairman of Siraf Energy Petrochemicals’ Board of Directors, Siraf Energy board of directors chaired by Changiz Moravvej, and directors of Petrofarhang and Sepehr Saderat Financial Group.

Energy Sepehr Holding’s Public Affairs reported that Nozhat, the CEO of the company, explained the measures taken to progress in this project, indicating that: “Considerable efforts were invested over the past year to resolve the many arising problems complicating the implementation of Siraf Project. Project progress reached 59% despite all limitations”.

Emphasizing the entirety of the consistent efforts paid to fund the project, he added: “Compact negotiations were made with Refah Bank, and the required approvals were acquired to release the special bonds of Siraf Energy Petrochemical Project. This process must be pursued further exchange for the necessary guarantees from the shareholders to accelerate the project’s progress”.

Pointing to the other plans made to resolve funding problems, Nozhat added: “Compact negotiations were made with the Taxation Affairs Organization for the first time since the initiation of Siraf Petrochemical plan, and considerable funds were obtained in added value”.

Regarding the exchange funding required in the project that had brought equipment supply to a halt, he said: “the exchange supply process by the Central Bank came to fruition through consistent efforts and after ten months of suspension. Moreover, comprehensive negotiations were made with the National Development Trust which, fortunately, led to an initial agreement to extend the letter of credit until the end of 2024.

Board of directors’ vice chairman pointed to the establishment of constructive interactions with national and provincial organizations to resolve the issues in Siraf Energy, negotiations with provincial water resources organization, the resolution of the relevant issues, and the issuance of the company’s single-page document after many years, adding that: “Re-obtaining the trades card enable registering Siraf Energy’s orders in Ministry of Industry, Mining, and Trade’s system, and the required grounds for the clearance of company’s goods were provided”.

He also discussed the abandonment of company’s imported goods in the customs valued at several million Euros: “Numerous negotiations have been held with the Property Organization in this regard, and favorable agreements over the release of the imported goods were reached”.

The CEO elaborated on the measures taken to activate the company’s engineering and executive aspects, mentioning the recent important agreement with Namvaran Corporations: “This measure provided the conditions for elaborate engineering of the complex, processing equipment supply, and holding tenders. Moreover, necessary negotiations were made to deliver the remaining items including the flare package to the site after the visit paid to the manufacturing companies’ plants”.

Pointing to the long halt in the activity of some site developers, Nozhat announced that several meetings were held with the company’s export storage and water region constructors and added: “Constructive and positive agreements have been reached regarding the acceleration of these constructors’ activities, and the necessary strategies to resolve this issue in the company were adopted”.

By the end of the meeting, financial statements and board of directors’ report to the assembly were approved and Iran Newspaper was appointed as Siraf Energy’s official Newspaper.

Siraf Energy Petrochemical complex is a national-scale project in the petrochemical industry with a production capacity of 1,650,000 tons of methanol and is under construction in Bandar Deir, Bushehr Province.

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