TEHRAN – The managing director of the National Petrochemical Company (NPC) announced the formation of a joint working group between NPC and the Petrochemical Industry Employers’ Association, aimed at reviewing and consistently following up on the industry’s challenges.
According to NPC, Omid Shakeri made the remarks at a brainstorming meeting with the CEOs of petrochemical holdings, hosted by NPC. He said the meeting was held to foster shared thinking and synergy among NPC, the petrochemical holdings and the employers’ association, so that existing problems and challenges could be identified and practical solutions for reducing and resolving them could be examined.
Referring to the reconstruction and recovery of units damaged during the imposed war, he stressed: “The return of damaged units to the production cycle, and creating the conditions to restore the industry’s operational capacity, must be accelerated.”
Emphasizing a more serious entry by petrochemical companies into feedstock supply in the upstream sector, the NPC chief said: “Suitable measures have been taken in this area, and programs are under way to continue on this path.”
Shakeri underlined the petrochemical industry’s role in providing the country’s foreign currency. “This industry is one of the country’s key economic sectors in generating foreign exchange,” he said, “and any measure that facilitates exports and increases the sales capacity of petrochemical products can improve the country’s economic conditions and help meet its foreign currency needs.”
Referring to mechanisms for facilitating the collection of receivables and the payment of petrochemical companies’ debts, he said: “The petrochemical industry faces receivables and debts at the same time, and establishing appropriate mechanisms to settle them can improve companies’ cash flow and ease the existing challenges.”
Shakeri said NPC is planning to address the feedstock shortage with the participation of industry players. “Programs in this area are being drawn up, and details will be announced at the appropriate time,” he said.
He described the meeting’s most important outcome as the agreement to form a joint working group between NPC and the employers’ association. “This working group will seriously follow up on the issues raised at the meeting, as well as those added later,” he said, “and will report the results of its actions to industry managers and players at future meetings.”
The deputy oil minister stressed the continuity of these follow-ups, noting: “The aim is to pursue the raised issues until results are achieved and the industry’s problems are resolved, so that through synergy and cooperation among the relevant bodies, conditions for the petrochemical industry to operate better and play a more effective role in the country’s economy are created.”