Construction

Royal Boskalis (“Boskalis”) reportedly agreed to exhibit at the 22nd International Oil, Gas, Refining, and Petrochemical Exhibition (the “Exhibition”) that took place in Tehran on May 6-9, 2017.

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Boskalis is listed as one of the companies participating in the Dutch delegation visiting Iran from Sunday 23 to Friday 28 October. The purpose of the visit is to strengthen the economic ties in order for the Dutch companies to gain access to the Iranian market. (Government of Netherlands, "Minister Schultz to lead trade mission to Iran," 10/21/2016).

Subsidiary of Royal BAM Group

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BAM International is listed as one of the companies participating in the Dutch delegation visiting Iran from Sunday 23 to Friday 28 October. The purpose of the visit is to strengthen the economic ties in order for the Dutch companies to gain access to the Iranian market. (Government of Netherlands, "Minister Schultz to lead trade mission to Iran," 10/21/2016).

"Tehran Wastewater Company has signed a contract, worth €125 million ($140 million), with Turkey's industrial and construction contractor Kuzu Group on building a wastewater treatment plant in southwest Tehran. The project will be funded by the Islamic Development Bank (IDB), Asqar Riazati, managing director of Tehran Wastewater Company, was quoted as saying by IRNA on Tuesday. "Kuzu Group was awarded the project in an international tender," the official said without providing details. He added that the IDB has verified the tender." (Financial Tribune, "Turkish Co. in $140m Wastewater Contract With Iran," 10/6/2016).

"A senior Italian official said companies in Italy would sign about €17bn worth of deals when Mr Rouhani comes to Rome on Monday on the first leg of his European tour. Among the beneficiaries would be pipeline company Saipem with €5bn in contracts, as well as Danieli, a supplier to the metals industry, Condotte, a water infrastructure company, and Coet, a construction company. Shipbuilders Gavio and Fincantieri were also set to sign deals, the official said... The Italian official said the agreements to be signed on Monday were 'just the beginning' and top executives from several other large Italian companies, such as Eni, Enel, Finmeccanica and Ferrovie dello Stato, would also participate in the meetings in Rome to iron out potential deals." (Finacial Times, “Iran plans to buy 114 Airbus jets on Rouhani’s Europe visit,” 1/24/2016)

"Swiss businesses are eager to get a foothold in the Iranian market now that most trade sanctions have been lifted, but restrictions still in place from the United States are creating major money transfer problems. On a Tuesday afternoon in Bern, a hotel conference room is packed with business representatives. Participants sit up in their seats and murmur their interest as several speakers tell them about the opportunities that abound in the Iranian market... But reality hits when a representative from Bern’s cantonal bank gets up to answer a key question: how is the situation looking for businesses who want to transfer money from Iran to Switzerland, or vice versa? 'The situation looks bad,' he said frankly. 'We follow international financial rules and we have been told to wait. At the moment, I don’t see many opportunities to make payments to Iran.' ... Touraj Etezady, who has done business in Iran together with the Marti construction group, agreed that 'unfortunately financial transactions are very difficult' and that this was an issue raised many times when a delegation of Swiss politicians and business leaders travelled to Iran in February along with Economics Minister Johann Schneider-Ammann." (Swissinfo, “Swiss businesses are ready for Iran, but banks aren’t,” 4/12/2016)

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In April 2016, reports emerged hinting at Marti’s business engagement in Iran. Discussing the difficulties associated with doing business in Iran, “Touraj Etezady, who has done business in Iran together with the Marti construction group, agreed that ‘unfortunately financial transactions are very difficult.’” (Swissinfo, “Swiss businesses are ready for Iran, but banks aren’t,” 4/12/2016).

On February 14, 2020, Chiyoda 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 Chiyoda Corp on its Iran scrutinized companies list.

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"Sanctions are also expected to hit a $3.6bn deal between Iran, Hyundai and Japan’s Chiyoda Corporation to construct the Siraf Refining Park in the southeastern coastal province of Bushehr." (Global Construction Review, "Sanctions hit $5.6bn worth of Korean refinery projects in Iran," 6/4/2018).

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Chiyoda corporation was identified as potentially agreeing to renovate refineries in Iran. In 2017, CalSTRS designated Chiyoda Corporation as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Chiyoda Corporation after reviewing the company’s business in Iran and internal controls to prevent sanction violations.

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In 2017, the state of Iowa listed Chiyoda Corporation on its Iran scrutinized companies list rendering Chiyoda Corporation ineligible for investment and/or state contracting.

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July 2017 - According to state-run IRNA News Agency of Iran on July 17, the Korea-Japan consortium consisting of Daelim Industrial, Hyundai E&C, and Chiyoda of Japan, signed an HOA on the construction of a US$ 3 oil refinery in the Siraf area, Bushehr Province of Iran.

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said. Japanese engineering company Chiyoda Corp. is conducting a feasibility study with Mitsui & Co. on the Bandar Abbas project, said Masaru Akamatsu, a Chiyoda spokesman. Japan's Ministry of Economy, Trade & Industry is paying for part of the study, which is scheduled for completion by the end of March, Akamatsu said. The modernization contract is worth about 300 billion yen ($2.8 billion), Japanese broadcaster NHK reported in February." (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

"The company was reported as potentially having exposure to Iran through a parent company, Doosan Corp. In a letter dated November 29, 2017 the company stated it has no business activities in Iran. In 2018 CalPERS determined to maintain the company in "monitor" status for possible changes in status relevant to the Act. CalPERS has determined to maintain the designation for 2020."

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"Iran and the Republic of Korea on Monday signed three agreements in the form of one memorandum of understanding (MOU) and two memorandums of agreement (MOA) during Iran-Korea Business Forum in Tehran… Another MOA was inked between the Korean Doosan Heavy Industry and Construction and the Iranian Negin Mokran Development Company (NMDC).." (Tehran Times, “Leader asks literati to care about current issues,” 6/21/2016)

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“We have tried to enter the Iranian market by, for example, signing an MOU with Iran’s National Water and Wastewater Engineering Company in April this year,” said Yoon Seok-won, head of the Water BG of Doosan, adding, “This SAKO Project signed at this time based on the recent summit talks between South Korean President Park Geun-hye and Iranian President Hassan Rouhani will be the starting point to increase our presence in the Iranian water market, which is estimated to grow to reach US$2 billion in 2018.” (April 1, 2016).

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"Doosan Heavy Industries recently held a showcase in Iran to target the water conversion market with its affiliates overseas, including Doosan Skoda Power. 'Iran is a huge market that will help us break through the slumping economy and low international oil prices,' said Kim Heon-tak, a vice president of Doosan Heavy Industries. 'We will try to find an opportunity in the water conversion business with our industry-leading technology.'" (Korea Joongang Daily, “Korea courts big business in Iran,” 3/1/2016)

"Carlo Maresca Qeshm Solar PV Park is a 10MW solar PV power project. It is located in Hormozgan, Iran. The project is currently active. It has been developed in single phase. Post completion of construction, the project got commissioned in 2017. The project is currently owned by Carlo Maresca. Carlo Maresca Qeshm Solar PV Park is a ground-mounted solar project which is spread over an area of 20 hectares. The project generates 17,000MWh electricity and supplies enough clean energy to power 5,000 households. The project cost is $32.418m." (Power Technology, "Carlo Maresca Qeshm Solar PV Park, Iran," 2/23/22)

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Italian Carlo Maresca, Iran’s IDRO ink deal on solar power plant (3/7/2018)

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In 2017 - 10 MW Solar Plant's construction works in Queshm Island will commence on June. Carlo Maresca will be the first Italian Group to construct a big photovoltaic plant in Iran like investor and EPC contractor. Carlo Maresca will be the first group at world to make an investment of this kind on fully equity basis. The 100 MW solar plant's development phase takes more time, the development phase should be terminated in the next 2 months.

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"Building on longstanding close commercial ties between Italy and Iran, Italian solar players Genesis, Denikon and Carlo Maresca signed memorandums of understanding for a total of 1.5 gigawatts of solar. And Iran’s Tasnim News Agency in May claimed China’s Shanxi International Energy Group was set to build 600 megawatts of PV capacity in the country." (Greentech Media, "Iran Wants to Develop Its Solar Market With Foreign Help. But Trade Restrictions Are Still a Problem" 7/7/2016)

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Carlo Maresca has signed a Memorandum of Understanding with the Iranian regime, which “provides for a partnership in order to proceed quickly with the authorization procedure for two photovoltaic plants with a nominal capacity of 80 MWp and 50 MWp and lease to Carlo Maresca of the lands where the photovoltaic plants will be constructed.”  (Carlo Maresca Website, “Execution of an MOU for the construction of solar pv plant in Iran,” 4/14/2016).  Carlo Maresca will thus contribute to “reinforcing [the Island of Qeshm’s] infrastructure.”  (Tehran Times, “Italian company to build 50 MW solar power plant on Iran’s Qeshm island,” 4/18/2016).

"An Italian construction group said Tuesday it had signed a preliminary agreement with Iran to build five hospitals, just after the lifting of economic sanctions against Tehran in a deal over its nuclear program. Pessina Costruzioni will build the first three 1,000-bed hospitals in Tehran.Two other 500-bed facilities will be provided in Rasht and Nishapur." (Daily Star, "Italian group to build five hospitals in Iran." 1/21/2016)

From November 5-8, 2016, the 12th International Trade Fair for Construction Machinery & Vehicles, Mining, Building Material Machines and Natural Stone Industry (IranConMin 2016) will take place in Tehran, Iran. Herman Paus is listed as one of the companies participating in the forum which gives the companies the platform to present their products and offer their services to key players and decision makers from all over Iran (IranConMin 2016; IranConMin 2016, “Exhibitors & Products”).