The agreements were signed on the sidelines of the fourth meeting of the group’s Innovation and Technology Steering Committee, attended by Mohammad Shariatmadari, CEO of the Persian Gulf Petrochemical Industries Company (PGPIC), and Sorena Sattari, the CEO’s senior advisor for technology.
Shariatmadari emphasized the fund’s pivotal role in supporting technological advancement within the petrochemical sector, stating that the Persian Gulf VC Fund will “continue to back innovative, knowledge-based projects addressing key industrial challenges” and play an effective role in achieving the strategic goals of the PGPIC through the deployment of new technologies.
Under the agreements, the fund will invest in the construction, equipment, and operation of an AI Laboratory for the oil, gas, and petrochemical industries in cooperation with both Tehran University and Sharif University of Technology, leveraging their technical expertise under Iran’s “Knowledge-Based Production Leap Act.”
In addition, the Persian Gulf Petrochemical Venture Capital Fund unveiled seven investment agreements with knowledge-based and tech-driven companies. Established earlier this year with a capital of 10 trillion rials, the fund focuses on supporting innovative and technology-oriented projects across the petrochemical industry.
Within seven months of operation, the fund identified and invested in seven key technology ventures, reflecting its firm commitment to fostering innovation and utilizing the legal framework provided under Article 11 of the Knowledge-Based Production Leap Act.
Over 90 project proposals were submitted through the fund’s open innovation platform. Following detailed technical and financial evaluations and value assessments by accredited agencies of the Vice Presidency for Science, Technology, and Knowledge-Based Economy, seven projects were selected based on the operational needs of PGPIC subsidiaries.
These projects span multiple domains, including localization of equipment, circular economy and recycling, process optimization, digital and AI technologies, and smart HSE solutions. They involve initiatives such as:
- Establishing a PTFE profile production line,
- Implementing zero-liquid-discharge (ZLD) water treatment,
- Localizing DCS control systems,
- Launching TDLAS laser gas analyzers and developing NDIR analyzers,
- And producing rotating machinery, with an emphasis on gas turbines.
PGPIC officials described these collaborations as a strategic step toward integrating advanced technologies and enhancing the self-sufficiency of Iran’s petrochemical industry through academic–industrial partnerships.