According to Petrol's Public Relations, Akbar Esmaeili, in the AGM for the fiscal year ending March 19, 2024, which was attended by shareholders, board members, a stock exchange representative, an auditor, and a legal inspector both in person and online, highlighted a 16% growth in production. He stated that the production of potassium sulfate, the company's most profitable product, doubled last year, accounting for the majority of the company's profit.
He added that the potassium sulfate unit, operating at full capacity with four furnaces, produced 27,000 tons of this product in the past ten months, all of which was delivered to the Ministry of Agriculture.
The CEO of Urmia Petrochemical Company reported an 86% increase in the company’s revenue, noting that in 2023, with the sale of 104,000 tons of total products, Urmia Petrochemical Company’s sales reached approximately 1,900 billion tomans for the first time, resulting in a doubling of profit.
Esmaeili further pointed to the company's development projects, stating that this year, with the commissioning of the Sulfuric Nitrogen and PAC projects, Urmia Petrochemical will enter the export market with new, revenue-generating products, benefiting the shareholders.
Esmaeili mentioned that the Sulfuric Nitrogen unit is in the production stabilization phase, and the PAC project, with 90% physical progress, will be operational in the coming months. The first granular solid Poly Aluminum Chloride product will be introduced, which will be used both domestically for wastewater treatment and exported to neighboring countries.
Esmaeili emphasized Urmia Petrochemical Company’s strategic plan to become a hub for the production of agricultural and chemical fertilizers in the region with a focus on sustainable development. He asserted, "We aim to expand Urmia Petrochemical's footprint in the future. In line with this, in addition to completing the value chain, we are planning to establish large-scale urea-ammonia, PVC, or polyethylene production units, which we hope to achieve with the support of our shareholders and the Persian Gulf Petrochemical Downstream Industries Development and Investment Group."
Following the CEO’s report, Alireza Nejad, the representative of the Persian Gulf Petrochemical Downstream Industries Development and Investment Group and Chairman of the AGM, remarked that the CEO’s report indicates significant positive developments within the company, outlining a bright future.
It is noteworthy that the AGM of Urmia Petrochemical Company concluded with an unqualified report from the legal auditor.
