Mehdi Hamed-Momen said Friday on the sidelines of the second day of the 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025) that the plan involves using renewable energy and rooftop power plants for subsidiaries of the Persian Gulf Holding. The initiative aligns with efforts to supply electricity through renewables.

He stated that the approximately $2 billion investment required to achieve the holding’s renewable energy production goals will be funded by the holding itself, foreign financiers, and the National Development Fund.

Noting that the Persian Gulf Holding’s petrochemical subsidiaries have a power demand of about 1.2 gigawatt-hours, he said the first phase aims to establish 500 megawatts of renewable energy capacity as part of a broader 5,000-megawatt target.

The CEO emphasized that the company has prioritized renewable energy production due to Iran’s energy imbalance and expects the 5,000-megawatt capacity plan to be realized within three years.

Highlighting the harmful impact of power outages on industries and the country’s energy needs, Hamed-Momen said the Persian Gulf Holding’s initiative will prevent losses caused by energy imbalances and repurpose gas used for power generation into petrochemical feedstock.

He added that 5 gigawatt-hours of renewable energy capacity is needed to stabilize electricity supply for petrochemical plants, underscoring the holding’s strong commitment to renewable power generation.

The 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025) runs for four days at the Tehran Permanent International Fairgrounds, starting May 8. Visitors can attend the event daily from 8 a.m. to 3 p.m.