PIIC Group

What PIIC Group does

PIIC Group (Petrochemical Industries Investment Company), publicly listed on the Tehran Stock Exchange under the symbol VOPETRO (وپترو), is Iran's first private petrochemical investment holding company. Established in 1991 with operating start in 1993–1994, the company manages 14 wholly-owned subsidiaries organized across three business segments: production, technical and engineering services, and investment. Its majority shareholder is TAPPICO (Ta'min Petroleum and Petrochemical Investment Company), itself owned by SHASTA (Social Security Investment Company), a state-affiliated pension investment entity representing approximately 41 million insured Iranians. The group employs more than 5,000 personnel across production and service facilities in Tehran, Qeshm Island, Kerman, Kermanshah, and other provinces, with a recently reported zero loss-making subsidiary count.

The group's production capabilities span multiple industrial domains. Subsidiary Shimi Baft Petrochemical is the sole producer of methyl ethyl ketone (MEK) in Iran and the Middle East, fully meeting domestic demand and eliminating import requirements. Other manufacturing operations cover corrugated double-wall sewage pipes, single-wall polyethylene pipes for water and gas distribution, industrial carbon black, conveyor belts, three-layer film rolls (FSS and Shrink variants), and assorted chemical products. Technical service subsidiaries deliver HAZID and HAZOP process safety studies, corrosion control and inspection, overhaul and maintenance, and engineering and installation services for petrochemical and refining plants. Radinas operates as the group's corporate venture capital and innovation center, supporting R&D and Iran's Knowledge-Based Economy law initiatives, with a cooperation agreement signed with the National Innovation Fund in 1405 SH.

PIIC generates revenue through three streams: investment holdings and portfolio management (dividends, capital gains), petrochemical product sales to domestic and emerging export markets, and technical engineering services. The business model combines B2B industrial sales within Iran (direct sales teams, public tenders, industrial supply chains) with newly launched export initiatives — Gaz Tube completed its first polyethylene pipe shipment to Armenia, with announced expansion targets in Yemen, Oman, and Iraq. The group is pursuing financial partnerships (notably a cooperation MoU with Bank Sina for subsidiary project financing), operational expansion through tenders for new assets (a 12,000-ton citric acid facility in Kermanshah), and international technical cooperation (Vastok Russia for inspection and corrosion control via Tekin Kou). Customer segments include institutional and retail shareholders via the Tehran Stock Exchange, petrochemical and refining companies, industrial manufacturers, and municipal and utility infrastructure providers.

Name

PIIC Group

Legal name

Petrochemical Industries Investment Company

Website

https://piicgroup.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

PIIC Group is Iran's first private petrochemical investment holding company, publicly listed on the Tehran Stock Exchange (VOPETRO). It manages 14 subsidiaries across petrochemical production, technical engineering services, and investment, employing 5,000+ personnel. State-affiliated ownership via SHASTA/TAPPICO.

Ownership category

akta.pro rank

Product category

Petrochemical Manufacturing

NAICS

Petrochemical Manufacturing (32511), Management of Companies and Enterprises (551), Offices of Other Holding Companies (551112)

SIC

Industrial Organic Chemicals (2860)

akta.pro industry

PRIMARYIMAEADAD

Polyolefins (PE, PP)

Industrials, Manufacturing & Construction/Chemicals & Industrial Materials/Petrochemicals & Derivatives

Keywords

• Petrochemical manufacturing
• Polyethylene pipe production
• Industrial engineering services
• Carbon black production
• Chemical investment holding

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Holdings and Portfolio Management: PIIC Group generates returns by managing a diversified portfolio of investments in petrochemical production companies, technical/engineering service companies, and investment vehicles. The group acts as a holding company, with its financial performance derived from dividends, capital gains, and value creation in subsidiary companies.
2. Petrochemical Production Sales: Subsidiary companies sell petrochemical products including MEK, carbon black, polyethylene pipes, rubber products, and other chemical products to domestic and export markets. Revenue is generated through product sales, with recent export initiatives to Armenia and other regional markets.
3. Technical and Engineering Services: Subsidiary companies such as Negahdaran-e Kavran (technical engineering), Firmco Pars (engineering and installation), and Tekin Kou (technical inspection and corrosion control) provide specialized engineering and maintenance services to petrochemical plants and industrial facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

PIIC Group is a petrochemical investment holding company that manages 14 subsidiaries operating across three segments: production of petrochemical products (polyethylene pipes, industrial carbon black, methyl ethyl ketone, conveyor belts, and three-layer films), technical and engineering services (industrial inspection, corrosion control, and maintenance), and investment activities including corporate venture capital through its Radinas subsidiary. The holding company is publicly listed on the Tehran Stock Exchange under the ticker وپترو (VOPETRO) and is linked to state-affiliated shareholder TAPPICO/SHASTA.

Product overview

PIIC Group is a diversified petrochemical holding company operating across three main segments: production (pipe manufacturing, carbon black/industrial carbon, polyethylene films, MEK chemical, rubber products), technical & engineering services (inspection, corrosion control, installation), and investment. The group manages 14 subsidiary companies producing industrial products including FSS three-layer film rolls, Shirink three-layer shrink film rolls, corrugated double-wall sewage pipes, single-wall polyethylene pipes for water and gas supply, conveyor belts, carbon black, and MEK (Methyl Ethyl Ketone). Technical services are provided through specialized subsidiaries covering engineering, installation, inspection, and corrosion control. The innovation center Radinas serves as the group's corporate venture capital arm for R&D and knowledge-based economy development.

Differentiator

Problem solved

Functional benefit

Brands

• رادیناس (Radinas): Innovation center and venture capital fund focused on R&D and knowledge-based economy development within the PIIC Group

Products and services

• Polyethylene Pipes

Quantifiable outcome

• Shimi Baft Qeshm achieved 360% net profit growth in fiscal 1403 vs 1402, with 5% additional growth in 1404
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Radinas – Corporate Venture Capital Fund (صندوق سرمایه‌گذاری خطرپذیر رادیناس)coreStrategic or Co-development Partner · 20 April 1405Radinas is PIIC Group's own CVC (corporate venture capital) and innovation center, supporting R&D projects, knowledge-based companies, and innovation within the group. It acts as the innovation arm of PIIC, facilitating tax credits for R&D and cooperation with startup ecosystems.
• Acetic Acid Factory Kermanshah (کارخانه اسیدسیتریک کرمانشاه)minorOthers · 9 April 1405A tender was announced for the transfer of operation and management of the acetic acid factory in Kermanshah (annual capacity 12,000 tons) under a cooperation agreement between PIIC Group, TAPPICO, and the factory.
• National Innovation Fund (صندوق نوآوری و شکوفایی)minorStrategic or Co-development Partner · 31 March 1405A cooperation agreement was signed between the National Innovation Fund (under the Vice Presidency for Science and Technology) and PIIC Group, focused on developing the downstream petrochemical value chain and supporting knowledge-based economy objectives under Iran's 7th Development Plan.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• SABIC (Saudi Basic Industries Corporation): Saudi Arabian petrochemicals and chemicals giant, the largest Middle East petrochemical producer. Broad incumbent with overlapping capabilities across polyolefins, MEK-equivalent solvents, and industrial chemicals, though operating at vastly greater scale and geographic reach.

Regional players

• Borouge: UAE-based petrochemical joint venture (ADNOC and Borealis) producing polyethylene and polypropylene. Regional peer in polyolefins serving infrastructure and industrial customers in the Middle East, with more advanced export infrastructure.
• EQUATE Petrochemical Company: Kuwait-based petrochemical producer of polyethylene, polypropylene, and ethylene glycol. Regional peer serving Middle East industrial customers with comparable polyolefin focus, though EQUATE has more established export channels to Asia, Europe, and the Americas.
• Orpic (OQ Chemicals/OQ Petrochemicals): Omani integrated petrochemicals producer of polyolefins, aromatics, and chemicals. Regional peer serving the same Persian Gulf industrial customer base; PIIC has publicly identified Oman as a target export market for its pipe and chemical subsidiaries.

Direct peers

• Tabriz Petrochemical Company: Iranian petrochemical producer of polyolefins, aromatics, and specialty chemicals. Direct peer competing for the same domestic Iranian industrial customer base and government infrastructure projects.
• Persian Gulf Petrochemical Industries Co (PGPIC): Iranian state-affiliated petrochemical holding company managing production and export of petrochemicals. Directly comparable as Iran's largest petrochemical holding with similar subsidiary-driven structure and state-backed ownership, though PGPIC operates at significantly larger scale.
• Pardis Petrochemical Company: Major Iranian petrochemical producer of olefins and aromatics. Direct peer operating in Iran's domestic petrochemical sector with similar B2B industrial customer base and exposure to local feedstock economics.
• Bakhtar Petrochemical Company: Iranian petrochemical producer and a TAPPICO subsidiary producing aromatics and petrochemical products. Directly comparable as a peer Iranian petrochemical company within the same broader SHASTA/TAPPICO holding structure as PIIC.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/piic-group
• Instagraminstagram.com/piicgroup1

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PIIC Group