At the annual general meeting of Gachsaran Polymer Industries, the company was recognized as the top-performing project within Persian Gulf Holding, while accelerating financial mobilization emerged as the central priority to ensure the timely completion of its heavy polyethylene plant by the second half of 2026.
The general assembly for the fiscal year ending March 19, 2025, was held earlier today with full shareholder attendance, the company’s public relations office said. The session was chaired by Morteza Rahimian Sarai and attended by key executives from the holding’s finance, internal audit, corporate governance, and business development divisions, including Mahmoud Rezaei and Bahram Shirzad.
Rahimian Sarai highlighted the strategic role of Gachsaran Polymer in completing the value chain of ethane produced by Bidboland Persian Gulf Gas Refinery, transforming it into high-value-added heavy polyethylene. He emphasized the project’s significance in boosting profitability and advancing the holding's strategic goals.
Following this, CEO Seyed Mohammad Hossein Jazayeri Mousavi presented a detailed report on the company’s achievements in 2024. Key milestones included increasing registered capital from 50 billion IRR to 10 trillion IRR, renewing the company’s establishment license, obtaining preliminary regulatory approvals in May 2025, and commencing construction of non-industrial buildings.
Providing a status update, Jazayeri reported that as of May 31, 2025, the overall progress of the project had reached 45.46%, with engineering progress standing at 85.53%. He reaffirmed the project’s targeted completion in the second half of 2026.
Highlighting a strong commitment to health, safety, and the environment (HSE), he announced over 4.349 million man-hours of work had been completed without any fatal incidents.
Outlining the 2025 roadmap, Jazayeri stressed that the success of all stakeholders, including the EPCC contractor — Energy Industries Engineering and Design Company — hinges on timely financial injections.
He praised the growing support from the group’s senior management, particularly from the CEO, the business development division, and the financial, equity, and investment units. He expressed optimism that current funding bottlenecks would be overcome with continued backing from Persian Gulf Holding, the project’s 100% shareholder.