Speaking Tuesday at the closing ceremony of the Petrofan 1404 conference, Mohammad Shariatmadari said the event is no longer limited to an internal organizational focus. “We hope to create an event that accurately reflects the country’s needs and brings together knowledge-based companies and executives from other firms and holdings,” he said. “Technology and innovation are not just today’s concerns; they are the strategic and economic foundations of a rapidly transforming world.”

Shariatmadari said the petrochemical industry has undergone major changes, from carbon management to digitalization. “Smartening companies requires significant work,” he said. “Data must be deeply integrated into industrial processes. Despite various obstacles, the country has no choice but to move in this direction.”

He emphasized the need to deepen digital transformation by developing appropriate software, localizing industrial processes and enabling smart control across the entire chain, from production to final-market consumption. “Our innovative young people are capable, and Iran has strong capacities,” he said.

$14b in Projects Underway at Persian Gulf Holding

Shariatmadari said the holding company currently has $14 billion worth of projects under development, adding that broad cooperation with domestic companies can generate significant momentum.

He reiterated the importance of investing in innovation and research and avoiding the use of existing resources for non-innovative activities. Production at the holding increased 7 percent last year due to R&D investments, he said.

He added that over the past year, technology and innovation led to 590 trillion rials in higher operating revenue and 180 trillion rials in cost reductions.

With $65 million invested in domestic manufacturing, Shariatmadari said the company saved $101 million in foreign currency outflow. He said 350 new technological needs were presented at this year’s Petrofan event to more than 300 new technology-based firms, expressing hope that the effort will yield valuable results.