Farhad Amin-Dehqan said preserving the value of retirees’ shares remains the company’s top policy priority. He spoke on the anniversary of the start of the imposed war, honoring those killed in the conflict.

Sepahan Oil Company is among the oldest subsidiaries of the Oil Industry Pension Fund. It was privatized and transferred to the fund in 2007. The company produces base oil byproducts, wax and extract, as well as motor and industrial oils, including gasoline and diesel oils, marine oils, rail industry oils and other specialty lubricants used across various industries.

Amin-Dehqan said the company has shifted toward higher-quality products in recent years, including the highest grade of motor oils known as SP, designed for the latest imported vehicles.

The CEO also highlighted exports. Sepahan Oil Company exported nearly $400 million over the past two years while meeting 100% of its foreign currency obligations to the government, he said. The company is 67% owned by the Oil Industry Pension Fund, 15% by Isfahan Oil Refinery, and the rest by public shareholders on the stock market.

Amin-Dehqan explained that the overdue payments stemmed from a 2010 joint project with the National Iranian Oil Company Contractual complexity led to 15 years of disputes over volume and costs. He credited the oil minister’s attention to retiree issues, NIOC’s board, the head of the pension fund and the CEO of Ahdaf Investment Company for helping collect the money. He said the recovery will significantly boost the company’s annual profit and benefit retirees.

With the collection, most of Sepahan Oil’s outstanding claims have been resolved, and remaining amounts are very small, Amin-Dehqan said.

He also described operational challenges in the current Iranian year. Major overhauls and maintenance at Sepahan Oil’s refinery had been done every four years, but the company went more than eight years without one due to high risks. Last year, managers decided to proceed with a heavy maintenance overhaul after eight years, relying on domestic expertise and help from other domestic sectors. Large site compressors were repaired in less than a month in April and May. Immediately after, the company faced wartime conditions and temporarily cut production capacity for security reasons.

After that period ended, the company returned to 100% production and completed a project left unfinished since 2017, adding 15% to production capacity and recovering some lost time, he said.