UANI

Company website lists operations in Iran as part of global network. (Company Website)

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"Daelim, a South Korean engineering and construction giant, has been active in Iran since 1975, building refineries, as well as natural gas and power plants. In 2007, it signed a refinery deal worth $700 million to the company. And in 2009, Daelim struck a deal worth $600 million to the company to help Iran develop a phase of the South Pars gas fields, a spokesperson confirmed. While doing business in Iran, it has won contracts from the United States, including a $111 million contract awarded last year to build family housing towers for the Army. The Iran Sanctions Act prohibits investments above $20 million in a given year in Iran's energy sector. Investments are defined as deals in which a company purchases shares or enters into a contract that provides for royalty payments. But investments also are defined as deals in which a company enters into a contract that includes responsibility for the development of petroleum resources, which is what landed Daelim on a list of potential Iran Sanctions Act violators put together by the Congressional Research Service. In a statement, the company said that it had disputed the listing and did believe its construction work in Iran met the law's criteria. 'Based on our review, we never did anything that violated the law and we never did any investment in Iran,' the company said."  The company has received $174 million from the US government for their business in Iran during 2000-2009.  Their investments are currently active in Iran, and the company has been listed by the New York Times as a possible violator of the Iran Sanctions Act. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)