While a series of Arvand petrochemical projects remain unfinished and unresolved, the management's insistence on defining new projects with large amounts of foreign and local currency is questionable. The second Arvand project or PVC 2 is one such example, which was supposed to be executed and launched within 36 months under a 500 million euro contract with Jondi Shapour company, starting from April 2024.
Zero Percent Progress and Financial Loss
According to documents, 370 billion tomans have been paid to the contractor so far, but the project progress is still zero percent. An important point is the calculation of the interest on the money paid to the contractor at the rate of the Persian Gulf fixed income funds, which is estimated at 9.25 billion tomans per month. These calculations show that this project has so far inflicted a loss of 259 billion tomans on Arvand and its shareholders. Despite the lack of project progress, the strange contract conditions seem to have prepared the contractor to file a lawsuit and receive compensation.
Unfinished Projects and Insistence on New Plans
Critics remind that such fruitless payments are being made while projects like the U-turn project, which was supposed to help the traffic of Shadgan residents and could significantly reduce accidents and casualties, have been abandoned without a clear explanation after four years. Informed sources in Arvand have said that since the appointment of Yadollah Mossadeghi Fard as the new CEO of Arvand Petrochemical, instead of resolving previous unfinished projects, he insists on new plans. The reason for this should be seen in the benefit he seeks from appointing contractors and potentially receiving a share from the awarded contracts.
