Esmaeil Hosseini said the session examined the statutes alongside implementation of Articles 44 and 45 of the Seventh Development Plan.

He said the review of the refining company’s statute was held with the participation of Energy Committee members and representatives from the company, the Plan and Budget Organization, the Presidential Legislative Department and the Administrative and Employment Affairs Organization. Several articles of the statute were approved.

Hosseini said Articles 25 to 29, which define conditions for board members, were approved. The Committee agreed board members must serve full-time, while CEOs of subsidiaries under the Oil Ministry could also serve on the board.

The Committee also approved provisions granting the board authority to draft company strategies and policies, approve operational plans, authorize contracts, approve budgets for projects and enforce resolutions of the general assembly.

Hosseini added that the draft statute of the National Petrochemical Co. was also reviewed in the presence of CEO Hassan Abbaszadeh, Energy Committee members and representatives from the Plan and Budget Organization, the Presidential Legislative Department and the Administrative and Employment Affairs Organization.

The Committee approved sections of Article 4 defining the company’s duties and powers, including the ability to sign agreements with individuals and entities, sell and operate assets, develop and maintain facilities, register and protect patents and technical knowledge, play an active role in the petrochemical technology ecosystem, and support knowledge-based firms.

Hosseini said the Committee also reviewed implementation of Articles 44 and 45 of the Seventh Development Plan, which call for public investment and private-sector participation in oil and gas value-chain projects, especially petro-refining ventures. The review included input from the deputy oil minister for planning, the CEOs of the refining and distribution company, Pars Oil and Gas Co., the Iran Energy Exchange, refineries in Isfahan and Tehran, as well as representatives from the National Development Fund, the Ministry of Economy and the Chamber of Commerce.