Construction

Pars Boschung distributes and sells Amco Veba 936/5S cranes.  (Pars Boschung Website, “Crane 936/5S (Produced by AMCO VEBA)”). 

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As noted on the Bahman Group website, “[t]o expand its basket of products and services and to make use of the latest technology in the world, Pars Boschung has cooperated with companies as follows … AMECO (sic) VEBA for cranes of different capacity….” (Bahman Group Website, “Pars Boschung Co,” 8/2/2011)

REMBE is listed as an exhibitor at the 2018 Iran Oil Show. 

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According to its Company Website, rembe attended Iran's 19th annual international Oil, Gas, Refining and Petrochemical Exhibition. (rembe Website, “News: Exhibitions,” 5/6-5/9/14)

According to its Company Website, Bruno Presezzi attended Iran's 19th annual international Oil, Gas, Refining and Petrochemical Exhibition. (Bruno Presezzi Website, "News")

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In a company brochure, Bruno Presezzi lists Iran as a recipient of its products. (Bruno Presezzi Website, "Oil & Gas Valves")

Hyundai Engineering and Construction is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.

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On February 16, 2021, Iowa Public Employees' Retirement System removed Hyundai E&C from its Iran Prohibited Companies List. 

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As of December 2020, Rhode Island continues to list Hyundai E&C as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector.

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As of July 2020, Hyundai E&C remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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Hyundai E&C is listed on the 4Q 2020 Minnesota State Board of Investment List of Unauthorized (Scrutinized) Iran Companies.

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On May 15, 2020, the IPERS identified Hyundai E&C on its Iran Prohibited Companies List.

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On January 20, 2020, Minnesota SBI listed Hyundai E&C as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list.

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As of October 2019, Hyundai Engineering & Construction remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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As of August 15, 2019, the state of Iowa listed Hyundai Engineering & Construction on its Iran scrutinized companies list.

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"South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of U.S. economic sanctions against Tehran." (Reuters, 10/29/2018)

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In 2018 the U.S. state of Iowa listed Hyundai Engineering & Construction on its Iran prohibited companies list rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Pennsylvania, Rhode Island and South Carolina listed Hyundai Engineering & Construction Co., on its Iran scrutinized list for an oil related involvement of at least US $20 million since 1996, rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting.

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In 2016, Hyundai Engineering & Construction was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996 and new involvement was identified.

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“Korean construction firms are paying attention to Iran, the fourth largest client in the global construction market. Responding to the lifting of sanctions against Iran, they are taking swift actions, such as strengthening market survey and preparing to enter the market…Korean construction firms are taking actions behind the curtains while watching international political situations. Hyundai E&C and Daelim, two major constructors in Korea, have operated a local office in Tehran where Korean and Iranian employees work together in order to re-enter the Iranian market at some point. An official from a large construction firm said, ‘Since gaining trust from a client is very important in the Middle East, Korean construction firms have maintained relationships (with Iranian clients) even after sanctions.’ Kwon Myeong-gwang, an ICAK manager in charge of Iran and Kuwait markets, said, ‘Iran is a big market, and projects that couldn’t be embarked on due to economic sanctions may come to the market all at once,’ adding, ‘Construction of oil and gas facilities is promising.’” (The Dong-A Ilbo, “Will thawing sanctions against Iran boost construction business?” 2/2/14)

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“Construction shares are showing strength on the news of the Iranian government reaching an agreement with six world powers to curb its nuclear activities in return for about $7 billion in sanctions relief, after days of intense talks in Geneva. At 9:18 am on November 25, the shares of Daelim Industrial were traded at 98,000 won, up 4.59 percent from the previous day's 93,700 won. Other construction shares such as Byucksan Engineering & Construction (14.92%), Namkwang Engineering & Construction (12.27%), Daewoo Engineering & Construction (3.23%), Sungjee Co. (3.13%), and Hyundai Engineering & Construction (1.47%) also increased by a large clip. The KOSPI construction industry index rose 2.99 percent, the highest among all other industrial sectors.” (The Korean Economic Daily, “Construction Shares Rise on the Back of Iran Nuclear Deal,” 11/26/13)

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“Hyundai Engineering & Construction (Hyundai E&C), the nation’s largest construction firm, has successfully diversified its business portfolio to maintain steady growth in the ever-uncertain global market. Hyundai traditionally focused on civil engineering, but has added power plants and electricity supply networks in recent years. Its diversified business areas ensure that they will complement each other, said the company…Hyundai’s big break in plant making came in 2005, when it completed a gas processor near the South Pars Gas Field in Iran. Worth $1.6 billion, and utilizing 18,300 workers daily, the construction giant finished the project in 35 months, a record for a project that size, according to the company. ‘We became the contractor that many sought for gas processors after the success of the project,’ said the Hyundai spokesman.” (Korea Times, “Hyundai E&C diversifies portfolio,” 4/25/13)

GS Engineering & Construction is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.

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As of March 9, 2021, GS E&C remained on the Florida SBA List of Continued Examination Companies with Petroleum Energy Activities in Iran. 

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In 2020, the U.S. state of Mississippi listed GS E&C 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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GS Engineering is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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GS Engineering is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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In 2018 GS Engineering & Construction was removed from Pennsylvania Treasury's Iran List of Prohibited Investments because "there is no recent evidence that indicates the company meets criteria."

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In 2017 the U.S. state of Alaska, Minnesota and Pennsylvania listed GS Engineering & Construction on its list of companies doing material business with Iran rendering GS Engineering & Construction ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Florida listed GS E&C on its continued examination list of companies with petroleum energy activities in Iran. 

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"South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million." (November 2017)

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GS E&C is a subsidiary of GS Group

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On its Company Website, GS E&C lists an "overseas branch office" in Iran.

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“GS E&C, a Korean construction company, has recently started to survey the Iranian market to decide on its entry into the market. This proactive attempt is a response to the limited lifting of sanctions against Iran. Expecting that the barrier to the Iranian market will be eliminated, the company is closely watching international situations such as Iran’s nuclear negotiations while collecting information about Iran from its employees who have worked in Iran. It is internally said that the company ‘is ready to enter the Iranian market with a click of a button.’ Before Iran is sanctioned, GS E&C won a deal for the construction of gas desulfurization plant facilities in Iran, which was worth 1.4 billion U.S. dollars, in 2009. An official from GS E&C said, ‘Most of Iran’s strategic projects of building gas processing facilities in South Pars were granted to Korean construction companies. Iran is an important market for Korean firms,’ adding, ‘Once a bid process kicks off, remarkable Korean companies, which can meet the requirements for price, technology and construction duration all together, will enter the market’…In 2009 when Iran was not sanctioned, Korean construction firms won projects worth about 2.49 billion dollars in total in Iran. In terms of the amount, Iran was the fifth largest client to Korean construction firms, following the United Arab Emirates and Saudi Arabia…According to the International Contractors Association of Korea (ICAK), Iran’s construction market is estimated to be about 88.7 billion dollars in 2013 and expected to almost double by 2016 (about 154.4 billion dollars). This kind of estimation is based on that Iran has an urgent need to build new plants in order to export its crude oil and that its demands for infrastructure must be large given its land scale.” (The Dong-A Ilbo, “Will thawing sanctions against Iran boost construction business?” 2/2/14)

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In 2011, GS E&C was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996.

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“South Korea's GS Engineering & Construction (GS E&C) said on Thursday that it has called off a 1.42 trillion won ($1.2 billion) gas project in Iran following sanctions on the Middle East nation. The company said in a filing to a regulatory agency that it it had cancelled on Wednesday the contract to sweeten gas from the South Pars field in Iran, signed with the Pars Oil and Gas Company (POGC) last October. The White House on Wednesday said U.S. President Barack Obama would sign into law tough new sanctions targeting Iran's energy and banking sectors…South Pars is on the Iranian side of the world's largest known gas reservoir not associated with oil production.” (Reuters, “S.Korea GS E&C says scraps $1.2 bln Iran gas deal,” 7/1/10) 

As of June 8, 2020, SCG is listed on the Pennsylvania Department of General Services Iran Free Procurement List. Entities included on this list are ineligible to enter into a contract with the Commonwealth of Pennsylvania for goods and services worth at least $1,000,000 per sections 3501-3506 of the Commonwealth Procurement Code, 62 Pa. C.S. §§ 3501-3506.

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"Before sanctions, European banks such as HSBC, Société Générale, BNP Paribas and Deutsche Bank invested $10bn in petrochemical projects, which Iran used to import technology. Currently the only foreign production partner is SCG, of Thailand, which has a contract with a polyethylene company worth about €300m.” (Financial Times, “Iran says investors spooked by warnings on sanctions violations,” 2/9/14)

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“The Siam Cement Group (SCC) has entered into a $225 million joint venture in Iran to produce HDPE with the production capacity of 300,000 ton per year, and is expected to start commercial operation by the first half of 2008. SCC will retain a 38% stake in the project, while National Petrochemical Company of Iran, Itochu Corporation of Japan, and National Petrochemical Company of Thailand, all of whom are experienced in the petrochemicals industry, will hold stakes of 40%, 12%, and 10%, respectively. SCC?s investment in equity will be approximately $26 million or 1,040 MB. Moreover, the project?s risks have been managed with the insurance coverage issued by the Multilateral Investment Guarantee Agency (MIGA) and the Nippon Export and Investment Insurance (NEXI). MIGA is a unit of the World Bank Group. This initiative is in line with SCC?s strategy to gain access into the middle-east region which contains the world?s lowest cost petrochemicals feedstock. In particular, the HDPE plant will derive its feedstock from Iran olefins crackers, which is considered to be globally competitive and are of great importance to their national petrochemicals program. Hence, the project is enhanced with an integrated feedstock supply and committed long term viability. Furthermore, this investment will allow for increased production capacity, in response to the ever increasing global demand of petrochemicals products, as existing polyolefins plants are currently running at full utilization.” (SCG, “IR News & SET Notice,” 6/2/05)

In 2014, CalSTRS designated Holcim Ltd. as “Under Review” for potentially having ties to Iran. In 2015, Holcim Ltd. merged with Lafarge SA to create LafargeHolcim Ltd. CalSTRS reinitiated the review process on the merged company to evaluate its internal controls and compliance procedures. In 2017, CalSTRS maintained LafargeHolcim Ltd. in the “Being Monitored”
designation. In 2018, CalSTRS removed LafargeHolcim Ltd. after reviewing the company’s business with Iran and internal controls to prevent sanction violations.

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Lafarge lists a "North America" website.

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“A high-profile delegation from Western companies, including cement maker Lafarge SA and bank Natixis SA, came in February on a trip organized by a French business association. Executives raced through a packed meeting schedule that included half of Iran’s cabinet, the country’s customs agency and Tehran Mayor Mohammad Bagher Qalibaf. Lafarge and Natixis confirm that the trip occurred and say they have no current presence in Iran.” (Wall Street Journal, “As Iran Sanctions Ease, Western Firms Seek a Way In,” 3/27/14)

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"A visit to Iran by a large French business delegation drew a stern warning from Washington that most US sanctions remain in place and will be enforced even against allies. The 116-strong French delegation, with representatives from major companies like Total, Lafarge and Peugeot, was the largest of its kind from Europe since a landmark nuclear deal reached with the major powers in November gave Iran limited relief from crippling US and EU sanctions. French employers' union vice president Thierry Courtaigne said the delegation, which arrived in Tehran Monday, wanted to assess the commercial opportunities opened up by the easing of Western sanctions…The French were given a warm welcome by Iranian leaders, who promised new measures to encourage foreign investment, particularly in its oil and gas sector. In a speech to them, Deputy Oil Minister Ali Majedi said Iran's latest five-year plan, running from 2010-2015, calls for $230 billion of investment in its petroleum industry, of which $150 billion would go to upstream activities, according to the official IRNA news agency. He said nearly all downstream projects, for refineries and distribution, would be offered on a build-operate-transfer (BOT) or build-own-operate-transfer (BOOT) basis.” (AFP, “French business push in Iran draws US sanctions warning,” 2/4/14)

Doka lists an office in Tehran and a DokaIran Website.

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Doka maintians a DokaUSA website.

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“A delegation of about 10 Austrian companies hoping to win post-sanctions business in Iran following its nuclear deal with world powers will visit Tehran this weekend, the Austrian Chamber of Commerce said…A spokesman for the Austrian Chamber of Commerce said its vice president would go with representatives of the 10 companies on the trip to Tehran, which has had good relations for decades with neutral Austria. The chamber did not want to name the firms but Austrian newspaper Die Presse said that rail technology firms Plasser & Theurer and AVL, high-rise engineering firm Doka, engineering consultants ILF and cable car maker Doppelmayr were among them.” (Reuters, “Austrian trade delegation to visit Iran after nuclear deal,” 12/4/13)

"Samsung C&T Corp., Hyundai Engineering & Construction Co. and four other companies signed seven MOUs with Iranian medical schools to build seven medical centers with a combined 6,000 beds in Tehran during a business fair held in the Iranian capital on Saturday and Sunday, according to the Ministry of Health and Welfare." (May 18, 2016). 

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Samsung C&T is a construction and trading company that lists a liaison office in Tehran. It is a subsidiary of Samsung.