The annual general meeting of Sepehr Energy Holding was held on November 16, 2021, in the presence of Behrouz Abbasi (CEO), Farhad Jahangiri (vice president), Mohammad Javad Sharifi (board member), Mohammad Hashem Rokn Tehran (chairman of the holding), and Abbas Naiemi (vice president of Sepehr Saderat Financial Group). Amir Anbardar attended the meeting as the director, Abbas Asghari and Hasan Mahmoudi were among the observers. Mohammad Zali, Mohammad Ali Karimian, Hasan Zolfaghari, Mohammad Ali Gharib Doust, Mohammad Taher Shafiei, and Mohsen Roshandel, the directors of subsidiary companies of Sepehr Energy Holding, also attended the meeting.
CEO of Sepehr Energy Holding mentioned the extensive plans for the inauguration of the holding projects in this meeting and stated: “All of the projects of Sepehr Energy Holding, including the Dena, Siraf, and Lavan petrochemical companies, and the 9-story hotel of Ghotb petrochemical Co., will be completed before the second quarter of 2025. Sepehr Energy Holding has invested a total of 1.302 billion euros and 83,711 billion rials in the four projects which would, directly and indirectly, create more than 6 thousand jobs.”
Dr. Behrouz Abbasi added: “Sabalan Petrochemical Co. started its operations in May, but due to problems in providing the required oxygen of the project from Damavand Co., methanol production did not start. Fortunately, the required oxygen was delivered in the past week, and now Sabalan is fully functional. Dena petrochemical plant is 70 percent completed and will start operation in 2022. Siraf petrochemical plant is also 50 percent completed, and the operation starts in 2023. The four stars, nine-story hotel of Ghotb Co. is also 28 percent completed and will finish in 2023. Lavan Petrochemical Co. is also under construction, and with a 15.8 percent completion rate, it would start operation in 2025. However, this won’t be the end of the holding’s development phase. We believe that a balanced composition of projects and companies would ensure the viability of the holding. Therefore, Sepehr Energy Holding seeks new investment projects to replace the current projects, after their completion.”
He continued: “40.37 percent of ordered equipment for methanol production of Siraf petrochemical plant and 45.04 percent of Dena petrochemical plant was completed until September 2021. A total of 4000 cubic meters of concrete casting, installation of 1500 tons of steel structures, 9000 inches of plumbing operations, and installation of 1900 tons of equipment in Siraf methanol project were also performed.”
Abbasi added: “After four years of pursuing a 170 million euros LC for methanol production project in Dena petrochemical plant, the LC was blocked due to the international sanctions, and we hope to accelerate the completion of Dena petrochemical plant by receiving this amount. We also hope to finance the Siraf project. A total of 29 million euros withdrawal was made from the LC after an agreement with the first beneficiary. Saderat Bank of Iran helped us transfer the first LC for Fateh Sanat Co.’s participation in the Siraf Energy project.”
The CEO of Sepehr Energy Holding stated: “Lavan Petrochemical Co. was designed to produce urea and ammonia, however for multiple years, they have been engaged in legal issues. Fortunately, after the recent negotiations, we hope to solve the legal issues and finish the construction of the Lavan Petrochemical plant. Regarding this issue, the head of the department of judiciary received the request 477 for special proceeding and stopped the execution of the previous order related to Lavan chemical project.”
Abbasi mentioned that they have focused on financing the projects from the capital market and said: “We are trying to register the Sabalan Co. into the Tehran stock exchange and succeeded to advance to the pre-admission stage. We estimate that we would be able to complete the registration of Sabalan Co. in the following year.”
Abbasi expressed that pursuing the designed plans would lead the holding in its development path and said: “Designing the strategy map and guiding the operations of the holding’s units and subsidiaries, forming strategic councils, and upgrading this plan with long-term visions, enhancing the financial system of the holding and its subsidiaries, performing routine consultation meetings on financial, tax, insurance, stock market, contracts and legal issues, technical and commercial subjects, reviving the Genaveh-Dashtestan petrochemical project for obtaining the required permissions for urea and ammonia production, primary feasibility studies on methanol production chains based on the received suggestions from the professionals, and creation of an integrated management system (IMS) in the holding, were some of the other projects in the past fiscal year.”
At the end of the meeting, the financial statements and reports of the board of directors were approved, and Ettelaat newspaper was chosen as the official newspaper to publish the new fiscal year reports.