The extraordinary general meeting of Mobin Energy Persian Gulf Petrochemical Company was held with 82.95% shareholder attendance, alongside representatives from the Securities and Exchange Organization and members of the media. The shareholders approved the company’s financial statements for FY ending March 2025, and ratified a cash dividend of IRR 2,230 per share.
At the meeting, CEO Mehdi Farzaneh began by thanking employees and managers, referring to them as “unsung heroes of sustained production” amid an unstable economic environment.
Key Milestones in Mobin’s Growth
Farzaneh highlighted the company’s critical milestones: founded in 1998, launched operations in 2005, fully privatized in 2013, and went public in 2015. In recent years, the company has acquired strategic assets including power plants, revised pricing mechanisms, executed capital increases, and resolved legacy pricing disputes. It also launched the Apadana Methanol Unit, significantly contributing to its revenue stream.
Revenue Composition
Mobin Energy’s CEO stated that steam production accounted for 28% of revenue over the past four years, followed by high-pressure oxygen (24%), and other key products like medium-pressure oxygen, cooling water, nitrogen, and demineralized water. Major clients include Jam, Zagros, Nouri, Pars, and Pardis Petrochemicals, collectively contributing over 90% of Mobin’s revenue.
Record-Breaking Production
In 2025, Mobin Energy surpassed production targets across most units. Notable figures include:
- Nitrogen production at 107% of target
- Power generation at 102%
- Medium-pressure oxygen at 104%
- Steam output at 113%
- Closed-loop cooling water at 104%, and
- Open-loop cooling water at 106%
Farzaneh emphasized over 1.46 million person-hours of accident-free work during a major overhaul operation.
Financial Highlights
Mobin Energy posted IRR 495 trillion in operating income, IRR 170 trillion in operating profit, and IRR 130 trillion in net profit. Earnings per share (EPS) stood at IRR 2,172, and stock value rose 40% without dividends and 61% including dividends. Farzaneh attributed this performance to prudent liquidity management, collection of receivables, and strong legal defense against irrational pricing by the Competition Council.
Severe Gas Cost Inflation
A critical challenge, Farzaneh explained, was the unprecedented increase in gas prices, with gas costs rising from IRR 32.3 billion in 2020 to an expected IRR 220 trillion in 2025, a 70-fold increase. He called for a reclassification of utility companies in the Ministry of Oil’s pricing framework, arguing Mobin Energy should not be treated as a feedstock-based entity.
Taxation Disputes and Exemption Revocation
Farzaneh reported that despite expectations of enjoying tax exemptions under Article 132 until 2028, the Tax Authority annulled these exemptions in a directive issued in August 2024, issuing assessments for FY 2022 to FY 2025. Mobin Energy has reserved IRR 17 trillion for this and is pursuing legal appeals.
Development Projects
Ongoing infrastructure and development projects include:
- Mobin Energy Power Plant expansion
- 400kV grid connection
- GRP pipeline renovations
- Joint investment projects with electricity consumers
- Apadana Unit commissioning
Several of these projects follow a shared investment model to alleviate cash flow pressure.
National and Environmental Achievements
Mobin Energy’s accolades include:
- Ranked 1st in corporate governance in the energy sector
- Ranked 38th among Iran’s Top 100 Companies
- Crystal trophy in the Organizational Excellence Award
- 12 consecutive years as a non-polluting company
- 8 years of uninterrupted electricity production
- A 46% increase in purchases from domestic and knowledge-based firms, reaching IRR 78.5 billion
These were credited to the company’s commitment to resistance economy principles, social responsibility, and sustainable development.