Held on May 20, the session brought together senior managers, technical experts, and innovation stakeholders to explore pathways for accelerating technology development and investment in strategic areas, including local manufacturing, R&D, and energy optimization.
The meeting followed the formal launch of the PGPIC CVC Fund on May 13, a corporate venture capital initiative designed to support high-impact, innovation-oriented projects across the petrochemical value chain. The fund is a subsidiary of PGPIC and operates under the official name “Non-Governmental Research and Technology Fund for Corporate Venture Capital of the Persian Gulf Petrochemical Industries.”
Fajr Energy is one of the key shareholders in the CVC Fund, alongside Arvand Petrochemical, Bandar Imam Petrochemical, and Tondgouyan Petrochemical. The fund’s mission includes investing in emerging technologies, backing startups, and fostering an integrated innovation ecosystem aligned with PGPIC’s long-term strategic goals.
“The CVC Fund is a powerful mechanism to drive industrial transformation, facilitate tax incentives for research projects, and create added value through targeted innovation,” said one participant in the meeting.
During the session, several technological initiatives were introduced. Novin Ebtekar Turbine Design and Manufacturing Company presented its capabilities in rotary machinery design, repair, and energy efficiency, emphasizing its skilled workforce and international supply chain collaboration.
A joint venture between PAMCO and FANAP unveiled Ultra Mind, a next-generation industrial software combining asset management systems with a large language model (LLM). The platform is designed to improve predictive maintenance, operational efficiency, and safety across key industrial operations.
In the final segment, Fajr Energy outlined its critical R&D and innovation needs, including waste heat recovery, turbine efficiency upgrades, CO₂ capture and recycling, and advanced equipment design. The company called for increased cooperation with tech firms to address these priorities.
The one-day meeting marked a significant step in operationalizing the newly launched CVC Fund and demonstrated growing momentum behind strategic partnerships to modernize Iran’s petrochemical sector and enhance its global competitiveness.a