Dossier index

Persian Gulf Petrochemical Industries Co.

Iran’s largest petrochemical holding, carved out of National Petrochemical Company assets in 2011 and listed on the Tehran Stock Exchange as فارس. It controls roughly a third of national nameplate capacity — Treasury’s 2019 designation cited ~40% of production and ~50% of petrochemical exports — across olefins, aromatics, polymers, fertilizers, utilities, and gas plants clustered in Mahshahr and Assaluyeh.

Holding · Tehran HQ

Arvand Petrochemical Co.

Mahshahr special zone. Iran’s only full salt → chlorine → EDC/VCM → PVC chain, and the dominant domestic caustic-soda supplier (~80–90% of the market, ~50% of PVC). About 108 hectares, ~2.8 Mt/y nameplate. Listed late 2025 as اروند (TSE 627th listing). Sanctioned.

Producer · Mahshahr / Bandar Imam · PGPIC 70%

Bandar Imam Petrochemical Co.

Oldest large complex in the Mahshahr cluster (from the 1970s). Diversified: olefins, aromatics (naphtha from Abadan), PE/PP, chlor-alkali, fuels. Nominal capacity cited near 6 Mt; actual output has fallen toward ~3.6–5 Mt when feed and utilities were tight. ~9,700 staff, heavily Khuzestan-local. Sanctioned. IPO still pending.

Producer · Mahshahr / Bandar Imam · PGPIC 69.3%

Nouri Petrochemical Co.

Assaluyeh aromatics complex — Iran’s largest PX/benzene producer — sitting on South Pars condensate. Feeds Tondguyan’s PTA/PET chain and Pars styrene. PGPIC 68.67%. Listed. Sanctioned.

Producer · Assaluyeh / Pars · PGPIC 68.67%

Pars Petrochemical Co.

Assaluyeh ethane-recovery plus ethylbenzene/styrene. Turns South Pars rich gas into olefin feed and, with Nouri/Bouali benzene plus Arya Sasol ethylene, into 600 kt styrene. PGPIC 53.54%.

Producer · Assaluyeh / Pars · PGPIC 53.54%

Bouali Sina Petrochemical Co.

Mahshahr aromatics sister to Nouri. PX and benzene from condensates; PX feeds Tondguyan PTA. PGPIC 57%. PX unit recovered from a 2016 fire; 2024–25 run rates have been pushed past design feed.

Producer · Mahshahr / Bandar Imam · PGPIC 57%

Shahid Tondguyan Petrochemical Co.

Mahshahr polyester chain: PX in, PTA and PET out. Closes the aromatics → fibers/bottles loop that Nouri and Bouali open. PGPIC 53%.

Producer · Mahshahr / Bandar Imam · PGPIC 53%

Karun Petrochemical Co.

Mahshahr isocyanates complex (TDI/MDI) sitting on Arvand chlorine and BIPC toluene. Iran’s polyurethane building-block plant. Almost wholly owned by Bandar Imam, so PGPIC control is nested.

Producer · Mahshahr / Bandar Imam · PGPIC 69%

Arya Sasol Polymer Co.

Assaluyeh 9th-olefin polymer complex on 72 ha. Built as a Sasol–Iranian JV; the South African partner wrote the asset down and left after sanctions. Still a core PGPIC olefin/PE node and an ethylene source for Pars styrene.

Producer · Assaluyeh / Pars

Gachsaran Petrochemical Co.

Inland olefin at Gachsaran (Kohgiluyeh and Boyer-Ahmad), 157 ha. Came online June 2023 after a 19-year stall: 1 Mt ethylene and 84 kt C3+. Mosaddeghi-Fard held a CEO job here before the Arvand interlude.

Producer · Inland & gas

Hengam Petrochemical Co.

Assaluyeh Phase 2 complex (25.5 ha). Project from 2015; ammonia unit (725 kt) came online June 2024. High-seas jetty access. Sanctioned as a PGPIC subsidiary in the 2019 action, years before mechanical completion.

Producer · Assaluyeh / Pars

Persian Gulf Apadana Petrochemical Co.

1.65 Mt methanol at Assaluyeh Phase 2 on 9 ha. Operation dated 2024, Casale license. Almost wholly owned by Mobin Energy — utilities owning a methanol plant, not the holding owning it directly.

Producer · Assaluyeh / Pars

Persian Gulf Fajr Energy Co.

Centralized utility for the Mahshahr special zone: power, steam, water, air, nitrogen. When Fajr stumbles, Arvand, BIPC, Bouali, Tondguyan and Karun all feel it. PGPIC 60%. Fajr has held board seats at Arvand.

Utilities · Mahshahr / Bandar Imam · PGPIC 60%

Persian Gulf Mobin Energy Co.

One of the world’s largest centralized petrochemical utilities — ~84–88 ha in Assaluyeh Phase 1. Power, steam, gases, water, and waste for Pars, Jam, Arya Sasol, Pardis, Zagros and others. Owns 99.9% of Apadana methanol.

Utilities · Assaluyeh / Pars

Persian Gulf Bidboland Gas Refining Co.

Bid Boland 2 gas refinery at Behbahan, 244 ha. Turns Khuzestan associated/sour gas into pipeline gas and NGL/LPG/ethane that the Mahshahr olefin chain can actually run on. Sanctioned under the 2019 PGPIC action.

Gas processing · Inland & gas

Persian Gulf Hoveyzeh Gas Refining Co.

West of the Karun, ~60 km south of Hoveyzeh, 180 ha. NGL from West Karun associated gas is a named feedstock in Bandar Imam Novin — the inland gas layer that keeps the 1970s complex alive when Abadan naphtha is tight.

Gas processing · Inland & gas

Almas Mahshahr Petrochemical Co.

New Mahshahr olefin/polymer project (start 2022, target ~2026). PGPIC 51%, BIPC 32%, Arvand 17%. The plant-level expression of Bandar Imam Novin: take inland NGL and BIPC ethane and turn them into PE/PP rather than exporting the cut.

Project · Mahshahr / Bandar Imam

Persian Gulf Petrochemical Industry Commercial Co.

PGPIC’s commercial/marketing arm. Designated 2019 for being owned or controlled by PGPIC. Subsequent Treasury actions (Zarringhalam exchange network; Emamjomeh LPG network) describe PGPICC as a principal for tens of millions in LPG and petrochemical sales routed through UAE/HK fronts.

Commercial · Tehran HQ

Khuzestan Petrochemical Co.

Mahshahr engineering-polymer complex. Takes chlorine-chain intermediates from the Arvand web. On the original 2019 OFAC subsidiary list.

Producer · Mahshahr / Bandar Imam

Urmia Petrochemical Co.

Northwest inland complex on the Urmia–Mahabad road, 110 ha, 1990. Fertilizer/chemicals, not a Gulf olefin. Shows the holding’s geographic spread beyond the two port clusters.

Producer · Inland & gas

Iranian Investment Petrochemical Group Co.

PGPIC investment sub-holding. OFAC used it as the parent for Ilam, Gachsaran Polymer, and Dehdasht designations, and identified Broojen as property in which IIPGC, Dehdasht and Modabberan Eqtesad have an interest.

Holding · Tehran HQ

Petrochemical Industries Development Management Co.

Development-management vehicle for holding projects. On the 2013 NPC-to-PGPIC transfer list and the 2019 SDN list. Board-level presence at operating companies (including Arvand development seats).

Service · Tehran HQ

Petrochemical Terminals and Tanks Co.

Operates NPC’s two major petrochemical ports — Pars special zone and Bandar Imam — plus tank farms. ~35 Mt throughput class (29 Mt liquids/gases, 6 Mt solids). Shared ownership among PGPIC, TAPICO, pension and Parsian vehicles.

Service · Mahshahr / Bandar Imam

Oil Industry Pension Funds

NIOC / oil-industry pension and savings funds. Took a 17% PGPIC block in the 2013 auction and still anchor board seats. The Khoshrou / Hosseinzadeh orbit is the named personnel channel into the holding chair.

Owner · Owners

Tamin Petroleum & Petrochemical Investment Co.

Social-security (Tamin) investment arm for oil, gas and petrochemicals. Historical PGPIC holder (~8.6% in a 2018 snapshot) and 15.3% of Nouri. TAPICO’s own reporting still treats the PGPIC stake as a top earnings line.

Owner · Owners

National Petrochemical Company

Ministry of Petroleum petrochemical parent. Created PGPIC in 2011 out of NPC assets; retained a residual block (cited ~20% in 2018). NPC International (UK) and NPC Alliance (Philippines) were designated with the 2019 tranche as PGPIC-controlled foreign vehicles.

Owner · Owners

Justice Shares Investment Companies

Provincial justice-share investment companies. Historical ~40% of PGPIC and ~30% of BIPC, Fajr and Bouali. A politically allocated float, not a single controlling mind — which is why they show up as a block on registers and as a vacuum in the boardroom.

Owner · Owners

Taban Farda Petrochemical Group

Parastatal petrochemical investment group. Historical ~8.6% of PGPIC, 11% of Tondguyan, and a large disclosed Mobin stake. A third cheque-book alongside pensions and TAPICO.

Owner · Owners

Parsian Oil and Gas Development Group

Listed oil-and-gas investment group. 18.76% of Pars, 1% of Arvand (pre-IPO), and ~15.7% of the terminals company. A capital-market face on the same state-adjacent ownership mix.

Owner · Owners

Qadir Investment Co.

18.57% of Pars Petrochemical. Co-controller, with Parsian, of the residual Pars block that PGPIC does not hold.

Owner · Owners

National Pension Fund Investment Co.

Civil-service pension investment vehicle. 5.52% of Nouri and ~15.7% of terminals. Distinct from the oil-industry pension funds — another social-security claim on the cash flows.

Owner · Owners

Khatam al-Anbiya Construction HQ

IRGC engineering conglomerate. The 7 June 2019 PGPIC designation is for providing financial support to Khatam — EPC contracts worth hundreds of millions, on top of a 2018 petroleum-ministry package of IRGC oil and petchem projects cited at $22 billion. Not a PGPIC subsidiary. The sanctions parent.

Nexus · Tehran HQ

Ilam Petrochemical Co.

Inland petrochemical complex designated via IIPGC, not as a direct PGPIC plant. Atlas Ocean and Petrochemical (UAE) was designated for support to Ilam — a foreign sales-agent tell.

Producer · Inland & gas