The annual general meeting of Siraf Energy Investment Co. was held on November 3, 2021. The meeting was directed by Dr. Farhad Jahangiri, the vice president of the holding. Dr. Behrouz Abbasi, CEO of Sepehr Energy Co., and Mr. Hasan Zoulfaghari, CEO of Siraf Energy Co., also attended as the secretary of the meeting.
At the beginning of the meeting, Mr. Zolfaghari, the CEO of the company, presented a report on the achievements of the various project sections and stated: “About 49 percent of the project is completed, however, according to various financial issues, the remaining way to completion of this project is still unclear,”
He indicated the project fundings as the key concern and obstruction on the way to the project’s completion and added: “Following the delays of the operations due to lack of a letter of credit, we have initiated the programming of other potential markets for financing the project. Advantages over the money market include the floating rate of securities, long-term financing, faster funding procedure, higher financial clarity, and higher diversity. Therefore, we have prioritized these capabilities for funding the project,”
Then, he mentioned the preparation of tender documents for the remaining operations and receiving the biddings for the second phase of the steel structure and stated: “Contracts of utility, offset, and gas station sections have been reevaluated and modified, and after the completion of payments, contractor of the steam generator unit has resumed the progress. Also, a large portion of the remaining parts inside the customs and warehouses weighed up to 3216 tons were cleared and entered the installation and execution cycles.”
The chairman of the company also mentioned the activities related to various operations and expressed: “Beside clearing the barriers related to consultants and the executive contractors, various engineering and civil operations and constructions and installations were also continued which included the completion of 17269 square meters of tank painting, installation of 1832 tons of fixed mechanical equipment and reformers, and 37644 cubic meters of soil and concrete casting operations,”
Zolfaghari indicated the completion of construction of the second integrated tower of the company, which weighed more than 400 tons and added: “Accelerating the operations including the design engineering, installation of process equipment, completion of the constructions and electric transmission lines, advancing the boiler unit construction, installation of heavyweight integrated distillation columns, and funding the project through the capital market and increasing the company’s capital stock are among the plans of the company,”
At the end of the meeting, financial statements and reports of the board of directors were also approved.
Siraf energy complex is an industrial mega-project in the petrochemical field with the capacity to produce 1.650.000 tons of methanol and is one of Sepehr energy holding subsidiaries, which is currently under construction at Dayyer port (Boushehr Province, Iran).