South Korea

"Samkang M&T (100090) has signed a 27 billion won (US$17.50 million) MOU with Iranian shipbuilder ISOICO to install a 1000-ton crane, it said on July 20.  The deal amounts to 14.04 percent of the firm’s latest total sales. The contract will expire March 18, 2018." (July 20, 2016). 

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Shipbuilders vying to land more projects amid a global drought in demand are eyeing countries in the Middle East, attracted by eased sanctions against Iran and signs of international oil price recoveries... Since Hyundai Heavy Industries signed a $700 million order to build 10 vessels for Iran’s state-owned Islamic Republic of Iran Shipping Lines last week, expectations are growing for other shipbuilders to ink new deals as well. Currently, Iran owns 175 ships. Among them, 43 are more than 20 years old and 110 are more than 10 years old, according to shipping research company Clarksons. Replacement orders for ships older than 20 years alone could result in orders of container and bulk carriers worth more than a trillion won... In September, shipbuilder Samkang M&T inked a $398.8 million deal with Iran’s state-run shipyard Iran Shipbuilding & Offshore Industries Complex. The amount is not as big, but it equals roughly two years of revenue. Samkang will supply a 1,000 ton crane and build facilities for the shipyard. (Korea JoongAng Daily,  "Shipbuilders set sights on contracts in Mideast," 12/15/2016).

"So despite concerns over regulation and reputation, that opportunity explains the caravan of container carriers that started resuming service to Iran back in January. The Iranian port at Bandar Abbas now welcomes ships from Evergreen, Hyundai, OOCL, Hanjin, “K” Line, KMTC, X-Press, Yang Ming, and many more..." (Global Trade, "Transportation/Logistics:Iran is Back Open for Business," 11/1/2016).

 "Korea’s largest air carrier sent a request to the Transport Ministry on Tuesday to postpone the start of its Iran flights. According to a spokesman for the airline, the major reason for the delay was the difficulty of beginning the service in the face of escalated tension between US and Iran, with Washington tightening sanctions on the Middle Eastern country." (February 2017)

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In March 2016, Korean Air announced that it was reinstating direct flights between South Korea and Iran .  (Korea Times, “Korean Air to operate direct flights to Iran,” 3/11/2016).  

In 2020, the U.S. state of Mississippi listed Daewoo on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

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In 2017, the U.S. states of  Iowa, Mississippi,  Rhode Island, South Carolina ,and  Tennessee, and listed Daewoo on its Iran scrutinized companies list rendering Daewoo ineligible for investment and/or state contracting.

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"Also in May 2016, South Korea's Daewoo Engineering and Construction Co. signed a preliminary $1.5 billion deal for a highway between Tehran and northern Iran. Iran's roads ministry and Bonyad Mostazafan, an Iranian foundation controlled by Khamenei, are partners in the Tehran Shomal Freeway Co. (TSFC), which is in charge of the project. A Daewoo official said the deal was preliminary and nothing had been discussed since May. A source familiar with TSFC affairs said the project is in the technical study phase and no final contract has been signed." (Reuters, "Post-Sanctions Deals with Iranian Firms Linked to Khamenei," 1/19/2017).

 

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"Daewoo Engineering & Construction Co., a major South Korean builder, announced on May 4 that it had meetings with officials at major Iranian contractors and won two tentative deals worth US$11.5 billion (13.29 trillion won) in Tehran on the 3rd to construct a petrochemical plant and road infrastructure. The company signed a memorandum of understanding (MOU) with Bahman Geno Co., a local energy company, to build a large refinery plant for about US$10 billion (11.56 trillion won) along with Hyundai Engineering & Construction... Bahman Geno issued a letter of intent to Hyundai E&C and Daewoo E&C in April for the engineering, procurement and construction (EPC) and financing deal and it will add local companies to carry forward the project according to the Iranian government regulations. Daewoo E&C also signed a MOU for Tehran Shomal Freeway Lot 3 construction." (Business Korea, “Daewoo E&C Signs US $11.5 Billion Worth of MOUs,” 5/5/2016)

As of December 2020, Rhode Island continues to list Korea Gas as an Iran scrutinized company for active involvement of at least $20-50 million in Iran's energy sector. The company's subsidiary, Korea Gas Technology Company, along with other South Korean companies has signed an agreement with the National Iranian Gas Company to build a small scale liquefied natural gas plant in Iran. (Business Standard, 06/19/2017)

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On November 13, 2020, Korea Gas Corp was removed from the Iowa Public Employees' Retirement System Iran Prohibited Companies List. 

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As of August 15, 2019, the state of Iowa listed Korea Gas on its Iran scrutinized companies list.

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In 2018 the U.S. state of Iowa listed Korea Gas Corporation on its Iran prohibited companies list rendering Korea Gas ineligible for investment and/or state contracting.

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On January 3, 2017, the National Iranian Oil Company (“NIOC”) listed KOGAS as one of the “designated 29 non-Iranian companies [] qualified to participate in its pending tender round for upstream projects.” (Oil & Gas Journal Website, “NIOC qualifies 29 firms for tender round,” 1/3/2017).

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In 2017 the U.S. state of South Carolina and Tennessee listed Korea Gas as an Iran restricted company rendering Korea Gas ineligible for investment and/or state contracting.

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"State-run Korea Gas Corp (KOGAS) , the world’s second-largest single buyer of liquefied natural gas (LNG), is interested in Iranian and U.S. natural gas as LNG imports from the two countries are seen possible without destination restrictions, its chief executive said on Friday." (February 2017)

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In the day, National Iran Gas Exports Company and the Korean Gas Corporation signed a memorandum of understanding (MoU), under which Iran would export liquefied natural gas to South Korea, and the two countries would cooperate on exchanging related experiences in the gas industry. (May 4, 2016).

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"Iran on Monday awarded a deal to South Korean's energy giant KOGAS over the development of one of its key gas fields in the Persian Gulf. Rokneddin Javadi, the managing director of the National Iranian Oil Company (NIOC), has been quoted by the media as saying that KOGAS will as per the deal conduct technical studies of Balal gas field. Javadi added that the South Korean energy company will then present its proposals over the development of Balal project to the NIOC. The proposals, he said, will also include the possibility of using the gas from the field to produce liquid natural gas (LNG). The Korean company had earlier signed a basic agreement with the NIOC over the production of LNG, its marketing as well as the transfer of its experiences to Iran in the same area. A separate agreement had also been signed over providing engineering services for the construction of two key gas pipelines for Iran - Iran Gas Trunk-Line 7 (IGAT 7) and Iran Gas Trunk-Line 9 (IGAT 9)." (Press TV, “KOGAS wins deal over Balal gas field,” 5/2/2016)

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"Hyundai Rotem Co., a train-making unit of Hyundai Motor Group, said Wednesday that it has signed a tentative deal to supply diesel-driven trains to Iran for about US$260 million. The deal signed with Iran's state-run railway corporation calls for Hyundai Rotem to produce and supply 150 train cars. An official contract is expected to be inked in late July, the company said in a press release. The trains to be supplied will be deployed on the 960-kilometer line in operation in the suburban region of Tehran. Hyundai Rotem said that the contract from Iran was possible in part thanks to its continued cooperative business ties in Iran even after international sanctions were imposed on the country. Hyundai Rotem signed a similar deal in 2004 to supply 150 train cars to Iran but it had to be put on hold after 2010 due to the sanctions. Before the suspension, the company had supplied 68 cars of the total without receiving pay. As the sanctions were lifted earlier this year, the company said that it will hold negotiations to settle the unpaid bill worth around 87.6 billion won (US$76.1 million) and supply the remainder of the promised train cars to Tehran." (Yonhap, “Hyundai Rotem wins deal to supply trains to Iran,” 5/4/2016)

"SK Telecom has signed multiple partnerships in Iran, diversifying its revenue stream into the emerging Middle Eastern country. The mobile carrier said Tuesday it clinched network infrastructure contracts with the country's state-run and private organizations ― including the Ministry of Energy, the National Iranian Gas Company (NIGC) and local energy and technology company ARSH Holdings. Under the contracts, SK Telecom will export its smart management systems based on the Internet of Things (IoT), the company said in a statement. The deals come on the sidelines of President Park Geun-hye's three-day visit to Tehran, which started Sunday. SK Telecom CEO Jang Dong-hyun was included in her largest-ever business delegation. Jang and his Iranian counterparts agreed to install SK Telecom's LoRa-based smart energy management infrastructure in the country's major buildings and residential areas. LoRa is an IoT standard technology co-developed by some 200 global information and communications technology companies including Cisco, IBM and SK Telecom. SK Telecom said the Iranian partnerships will boost its market penetration into other emerging countries. The company plans to focus on exporting its IoT-based network infrastructure and services… "We will play a significant role in the country's economic growth by continuing to offer our industry-leading IoT network systems," Jang said in the statement. "SK Telecom will keep providing up-to-date LoRa-based technologies and services for our partnering organizations." (The Korea Times, “SK Telecom solidifies network business partnerships in Iran,” 5/3/2016)

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Posco Daewoo on its Iran Scrutinized Companies List.

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As of August 15, 2019, the state of Iowa listed Posco Daewoo on its Iran scrutinized companies list.

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In 2018 the U.S. state of Iowa listed Posco Daewoo as an Iran restricted company rendering Posco Daewoo ineligible for investment and/or state contracting. Combine with the Daewoo page.

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"Posco Daewoo, along with Hyundai Engineering & Construction (E&C), signed a deal with Iran's Ministry of Health and Medical Education to build a hospital for Shiraz University of Medical Sciences, one of the country's top medical schools. Posco Daewoo will supply medical equipment, while Hyundai E&C will be responsible for construction.” (Korea JoongAng Daily, “Posco signs deals to export its tech to Iran,” 4/29/2016)

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Daewoo International is a subsidiary of South Korean Steel Company POSCO

Company website lists branch in Tehran, Iran as part of its "Global Network." (Company website)

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Daewoo International reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”)

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"Daewoo International maintains an office in Iran, according to its website. It is an international trading company involved in everything from chemicals to construction. Daewoo Corporation won construction contracts from the  U.S. Army Corps of Engineers while Daewoo International fell under its corporate umbrella. Daewoo International was subsequently spun off and today is a separate company."  The company received $10.4 million from the US government for their investments in Iran during 2000-2009.  Their business in Iran is currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

On August 14, 2020, SK Holdings was removed from the Iowa Public Employees' Retirement System Iran Prohibited Companies List. 

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As of August 15, 2019, the state of Iowa listed SK Holdings Co on its Iran scrutinized companies list.

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“A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction... SK Group, the nation’s third largest conglomerate, is one of the most proactive in scouting for business opportunities in Iran, which has an enormous pent-up demand for resumption of oil exports and modernization of its infrastructure after the recent lifting of international sanctions.'During his visit, the group chairman will seek deals in areas such as energy, trading and infrastructure restoration with five CEOs from affiliates including SK E&S, SK Energy and SK Telecom,’ a company spokesperson said. Industry watchers forecast SK which has imported crude oil from Iran for years could clinch possible lucrative business deals in Iran ahead of other Korean conglomerates. According to the group, SK Innovation, the holding company of SK’s energy businesses, has already increased imports of crude oil and natural gas condensate from Iran in the first quarter this year... In contrast with the cautious approach of corporates about striking business deals in a new market full of uncertainties, the Korean government was confident that trade and investment with Iran will be lifted to the pre-sanction levels. 'The two heads of state agreed on cooperation and exchanges both in economic and noneconomic areas,' Cheong Wa Dae said in a statement released after the historic summit meeting between President Park and her Iranian counterpart Hassan Rouhani. In the economic sector, private and public corporate delegation members are expected to sign memoranda of understanding for 66 infrastructure-related construction projects ranging from rails to power plants to hospitals. In return for hiring Korean contactors, Seoul has a plan to increase its daily crude imports from Iran to around 280,000 barrels from 115,000 barrels last year.” (The Korea Herald, “Tycoons in search of growth in Iran,” 5/2/2016)

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"An economic mission consisting of representatives from 236 of the nation’s businesses are heading to Iran with President Park Geun-hye next month now that the sanctions against Iran have been lifted… The nation’s No. 3 conglomerate, SK Group, will send its chairman, Chey Tae-won, as well as executives from its oil refiners SK Innovation, SK Networks and SK Energy.” (Korea JoongAng Daily, “More than 230 Korean businessmen join entourage to Tehran,” 4/28/2016)

In 2018 the U.S. state of Ohio listed LS Industrial Systems Co., Ltd. on its list of entities determined to be engaged in prohibited activities in Iran rendering LS Industrial Systems Co., Ltd. ineligible for investment and/or state contracting.

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"A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction. They landed in Teheran, capital of the oil-rich Middle Eastern country, with the Korean economic delegation composed of representatives from 236 companies and institutions. The delegation is accompanying President Park Geun-hye who is on a three-day state visit to Iran until Tuesday… LS Group, a global leading power cable supplier, said the group head has an interest in exploring power-related infrastructure restoration and construction projects. In contrast with the cautious approach of corporates about striking business deals in a new market full of uncertainties, the Korean government was confident that trade and investment with Iran will be lifted to the pre-sanction levels. 'The two heads of state agreed on cooperation and exchanges both in economic and noneconomic areas,' Cheong Wa Dae said in a statement released after the historic summit meeting between President Park and her Iranian counterpart Hassan Rouhani. In the economic sector, private and public corporate delegation members are expected to sign memoranda of understanding for 66 infrastructure-related construction projects ranging from rails to power plants to hospitals. In return for hiring Korean contactors, Seoul has a plan to increase its daily crude imports from Iran to around 280,000 barrels from 115,000 barrels last year." (The Korea Herald, “Tycoons in search of growth in Iran,” 5/2/2016)