According to the company’s Public Relations Office, the extraordinary general meeting was attended by members of the board of directors, shareholder representatives, and the company’s auditors. The session reviewed the FY1403 performance report and approved strategic measures for financial restructuring and capital reinforcement.
CEO Afshin Kiani outlined key achievements in production, environmental management, finance, investment, and development. Notable accomplishments in 1403 included a 10% reduction in flaring and prevention of 1.2 million tons of greenhouse gas emissions. He also confirmed full settlement of the contractor’s share of the refinery’s construction costs in 1402, amounting to IRR 14.2 trillion tomans, completed by September last year.
Kiani emphasized that achieving the refinery’s nameplate capacity is a key target for FY1404. To ensure stable feedstock supply, negotiations and coordination have been held with the National Iranian Oil Company and the Persian Gulf Petrochemical Industries Company (PGPIC). He announced plans to complete the refinery’s second phase by January 2026, alongside projects aimed at capacity expansion, loss reduction, and sourcing alternative feedstock.
During the extraordinary general meeting, shareholders approved increasing the company’s capital from IRR 10 billion to IRR 200 trillion, primarily through converting settled shareholder receivables into equity. This move is designed to improve the company’s equity ratio, enhance financial transparency, and strengthen its investment capabilities. All shareholder claims were settled prior to the meeting, making this the largest capital increase among PGPIC subsidiaries to date.
Kiani also announced the official start of the company’s valuation process by certified experts, which will guide future partnerships, investor attraction, and structural reforms.
Concluding the meeting, he expressed appreciation for the dedication of the company’s workforce, describing its loyal, skilled, and committed human capital as the cornerstone of Howeizeh Refinery’s development vision.