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The recent appointment of Mohammad Shariatmadari as CEO of the Persian Gulf Petrochemical Industries Company (PGPIC), the Middle East’s second-largest petrochemical conglomerate, has brought renewed focus on the deep-seated connections between the Iranian regime’s security apparatus and its most lucrative economic sectors. Shariatmadari’s career, spanning decades of service in intelligence, ministerial posts, and advisory roles to the regime’s Supreme Leader Ali Khamenei, offers a stark illustration of how individuals with backgrounds in state repression are often elevated to positions controlling vast national wealth.
A Security Figure at the Helm of Economic Power
The official confirmation of Shariatmadari’s role as CEO and Vice-Chairman of PGPIC came through the company’s meeting minutes published in the official gazette on April 7, 2025. This move places a figure, whose name is tied to decades of suppression in the Ministry of Intelligence and membership in the Revolutionary Guards (IRGC), at the helm of one of the nation’s most profitable enterprises. The appointment once again shows the mafia-like nature of the ruling system in Iran.
#Iran’s Top Petrochemical Firm Sells $246M Unit to Powerful Religious Trusthttps://t.co/X84qp6CnTo
— NCRI-FAC (@iran_policy) April 12, 2025
Decades in the Inner Circles of Repression and Policy
Shariatmadari is a veteran interrogator and a former Deputy Minister of Intelligence, with a record full of accusations of human rights violations, including the torture of political activists and protesters in the 1980s and 1990s. His deep ties to the security establishment are further underscored by his previous role in the office of Execution of Khomeini’s Order (EIKO) and the supreme leader’s office, reaching his current powerful economic position through currying favor with senior regime officials. His influence also extends to strategic policy, having served as an advisor to the Supreme Leader and, by Khamenei’s decree, as a member and head of the economic commission of the Strategic Council on Foreign Relations from 2006 to 2014.
A Career Marred by Controversy and Questionable Conduct
Despite his security background, Shariatmadari has maintained a consistent presence in various administrations, holding key economic portfolios. He served as Minister of Commerce under regime President Mohammad Khatami and later held two ministerial posts under Hassan Rouhani: first as Minister of Industry, Mine, and Trade, and subsequently as Minister of Cooperatives, Labor, and Social Welfare.
June 28- The strike of scaffolding workers in #Iran which began on July 22 continued today, while workers of 11 petrochemical complexes and more than 20 contracting companies joined their peers. 1/2 pic.twitter.com/xXWxaYhHWq
— NCRI-FAC (@iran_policy) June 28, 2022
His tenure has not been without controversy. In October 2018, members of parliament initiated impeachment proceedings against him as Minister of Industry, citing “failure to control and manage the market and excessive price increases and hoarding of goods, incorrect management of supplying raw materials to production units, failure to prevent overpricing by large industrial units somewhat dependent on the government, failure to fully perform legal duties in combating smuggling of goods and currency, corruption and rent-seeking in car imports and order registration for currency allocation, and lack of supervision over the country’s automotive industries which led to overpricing, car hoarding, and market disruption.”
Remarkably, on the evening of October 20, 2018, Shariatmadari suddenly resigned from his post as Minister of Industry, Mine, and Trade. However, the day after his resignation, he was introduced by the President to the parliament as the proposed minister for the Ministry of Cooperatives, Labor, and Social Welfare to seek a vote of confidence.
.@A_Jafarzadeh: The Petrochemical Commercial Co. International (PCCI), established in 2000, bypasses the oil and petrochemical sanctions in astronomical dimensions by creating branches and companies with the same name outside Iran. #BlacklistIRGC https://t.co/jaHIi0Blrq
— NCRI-FAC (@iran_policy) May 31, 2023
Adding to the questions surrounding his career, his academic credentials have also been challenged. Ehsan Mehrabi, a journalist for the state-run Etemad newspaper, noted, “Mohammad Shariatmadari claims to have a doctorate while he has not presented his bachelor’s and master’s degrees. Shariatmadari had an associate’s degree in Khatami’s first government.”
New Role, Familiar Patterns of Opacity and Risk
The controversies that marked Shariatmadari’s previous roles appear to be continuing at PGPIC. Barely into his tenure, a massive 24 trillion toman transaction (approximately $400 million at current open market rates) planned by the holding was suspended. On March 14, 2025, reports emerged that “the stock exchange organization, by intervening and issuing two consecutive letters, cast this transfer into a shroud of ambiguity and doubt.” The report elaborated, “Serious objections to pricing, the method of installment payments, and managerial consequences have caused this multi-thousand billion toman deal to be currently halted. Now, everyone is waiting for clarification from Persian Gulf Petrochemical.”
Furthermore, Shariatmadari’s appointment practices at PGPIC have drawn sharp criticism from parliamentarians. As recently as April 10, 2025, a member of the National Security and Foreign Policy Commission questioned the wisdom of ongoing appointments of “problematic individuals” within the holding, asking, “Why should this holding be managed by individuals who may not be competent? If these individuals have nothing to hide, why are they afraid of undergoing background checks?”
Retired civil servants in Kermanshah and telecom workers in Sistan and Baluchestan protested over unpaid pensions and delayed wages. In Isfahan, Meymeh residents demanded law enforcement, while petrochemical workers in Bandar Mahshahr rallied against worsening work conditions. pic.twitter.com/MU2FcAjxOj
— NCRI-FAC (@iran_policy) September 24, 2024
A System Rewarding Loyalty Over Accountability
The trajectory of Mohammad Shariatmadari’s career, from the intelligence ministry’s interrogation rooms to the chairmanship of a petrochemical empire, is emblematic of a system where loyalty to the ruling establishment and a background in its security organs can pave the way to immense economic power.
This pattern is rooted in Khamenei’s regime survival strategy. Facing economic crises, social unrest, and questions of legitimacy, the regime relies on its unquestioning loyalists to maintain power. Individuals like Shariatmadari, whose hands are stained with the blood and suffering of the people, are seen as ideal operatives for controlling resources and quelling dissent due to their complete dependence on the system. Their placement in key economic posts serves not only as a reward but also as a mechanism to control resources and suppress protests, ensuring the perpetuation of a system that prioritizes its own survival over the welfare and prosperity of the Iranian people.