The Annual Ordinary General Assembly of Isfahan Oil Refinery ending with the fiscal year of March 2024, was held in the evening of July 28th with the attendance of more than 87% of the shareholders.
In this event, a report of the RFCC and RHU projects, the second site of the Isfahan refinery in Bandar Abbas, and the kerosene hydrotreating project (KHT), was presented to the shareholders.
During the event, the CEO of the Isfahan Petrorefinery project said the outlook of the Isfahan oil refinery is very bold and in all fields. By respecting society and the environment, it seeks to advance its plans to reach the world’s top 500 and the world’s top 16 refineries.
Ghadiri also added that ethics, environment, and artificial intelligence are among the company’s prorities. He also said the company managed to touch the maximum market value and earn the highest profit last year. According to Ghadiri, the company worked with a capacity of 380,000 barrels, and in case of getting the necessary feed, it could work up to 440 barrels. The company’s net profit is 39 trillion tomans, which has changed by 7.32%.
Pointing out that Isfahan refinery has better conditions than other companies, he added that by 2028, Iran will have a deficit of 80 million liters of fuel. According to Ghadiri, the refinery will deliver 37 million liters of fuel, and with capacity planning to reach 500,000, the capacity must reach 44 million liters per day.
Ghadiri further said that with the operation of the Bandar Abbas refinery, the production of the Isfahan refinery will reach 56 million liters, and with its development, it will compensate for 37 million liters of the country’s fuel imbalance.
He further said that by 2027, the company will produce bunkering marine fuel. According to Ghadiri, currently tankers for this project are being bought and installed at Shahid Rajaei wharf, and Iranian ships will no longer go to Dubai for fuel.
Ghadiri referred to the attraction of 2 billion euros for south refinery through usance and said six strategic water reservoirs were built and 23 other water projects are under construction.
He said the progress rate of the refinery now stands at 82.75%, which is only 1.57% less than the planning. The implementation rate is also 37%, for which the necessary permits must be obtained.
Stating that four thousand people are working on the projects, Ghadiri said a Bandar Abbas refinery with a capacity of 120,000 barrels has been purchased. He said the activity of that refinery is based on Iranian crude oil. He said that the company has purchased land in Bandar Abbas, which is the size of Isfahan Refinery. He noted that the necessary permits are being obtained at a high speed, and all permits will be obtained within the next three months. Ghadiri said the products in the KHT unit can be exported all over the world, even to America and Europe.
Stating that the company is sending 200,000 tons of products to the South LAB unit, he said the company now needs to bring in 2.3 billion euros in the value chain, of which two billion euros will be from usance.
The CEO of Isfahan Petrorefienry Holding stated that it has reached the nelson complexity index of 16 in the value chain, which is a big step. He noted that it is looking to build a sulfur park, the designs have been completed, and the project is waiting for environmental permits.
Ghadiri noted that Meshaal Pooya has 150 knowledge-based companies in its sub-category and said that its Mirdamad group is unique and will produce 21% of third-generation oil. The sales forecast will be a 30% profit margin.
Ghadiri said that the sales of its solvent have increased 3.4 times since the establishment of Mirdamad Company and noted that the board of directors has supported the move. The CEO of Isfahan Petrorefinery Holding stated that the management of 50 locations in the province is in the hands of Isfahan Petrorefinery Holding and said that company is striving to become like Shell.
He said the company is striving to reduce 75% of its water consumption and noted that 11.78% of its energy consumption will be cut. According to Ghadiri, old refineries will be updated with the help of Iranian engineers at the Meshaal Pooya Company.
Referring to the establishment of SAP and ERP systems in Isfahan Oil Refining Company and its subsidiaries, Ghadiri said that in each process, the amount of work and effort of the people is specified for each location, and the amount of work of each person is specified.
He referred to the social responsibilities of the refinery and said it is building 50 schools and has received 280 billion tomans of the construction cost from the employees. He referred to the plan to plant trees in the area and said the company will plant 2,000 hectares. Ghadiri emphasized that by 2026, the company is trying to achieve a profit of 4.2 billion dollars and obtain a complexity factor above 12.
Source: EORC Department of Public & International Affairs
