Strategy Formulation and Implementation Based on Dynamic Capabilities: Case of a Downstream Oil and Gas Holding Company

In the current unstable business environment, it is necessary to change the organization's strategy in a way that organizations can adapt to the new conditions. To cope with these changes, the organizations need features called dynamic capabilities. In multi-business organizations, portfolio strategies are formulated, implemented and controlled for the strategic management of the diverse business. Given the importance of the dynamism of the portfolio strategies, the aim of this study is to identify dynamic capabilities for the formulation and implementation of a portfolio strategy on the Iranian downstream oil and gas industry.so one of the Iranian petrochemical holdings is investigated with a case study research strategy. The data was gathered by interview and review of organizational documents. The most important dynamic capabilities are the management of social obligations, environmental management, partnership with the world's top petrochemical companies, the evolution of the value chain, and the management of downstream ecosystems.