Brazil

Carlos Millnetz, a director at chemical company Eleva Química Ltda, based in Brazil’s southern Santa Catarina state, told Reuters they had been importing urea from Iran. (Reuters, "Iran scrambles to lift petrochemical sales as sanctions  hammer oil," 6/12/2019).

"The OFAC team's briefing coincided with a visit to Brazil by an Iranian mission headed by Finance Minister Ali Tayebnia seeking to advance trade deals. Brazil's Embraer, the world's third largest maker of commercial planes, is in talks to sell Iran at least 20 of its E-195 jets worth over $1 billion as the Middle Eastern country moves to renew its aging airline fleets. Embraer still requires a U.S. license for the sale to Iran of sensitive jet engine technology in its planes... Brazilian bus maker Marcopolo SA is also looking to sell hundreds of vehicles to Iran. The company declined to comment." (Reuters, "U.S. Treasury reassures Brazil banks trade with Iran OK," 11/28/2016).

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"Brazilian companies such as Embraer SA and Marcopolo SA are scrambling multito close billion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi remaining U.S. remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi remaining U.S. remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi Rounagh, a senior official at Iran's Foreign Ministry and until recently deputy ambassador in Brasilia. The problem is that Brazilian banks are reluctant to deal with Iran for fear of penalties by the U.S., even after Washington lifted restrictions on non-U.S. banks." (Bloomberg,  "Embraer and Marcopolo Lead Brazil Struggle to Sell to Iran," 10/5/2016).

"The world’s third largest aircraft manufacturer joined other planemakers in halting talks with the Islamic Republic but remains optimistic about its discussions with other prospective customers in the region for the latest version of its E-jet series, John Slattery, chief executive of Embraer, told The National. Last week it appointed a new executive in Dubai to strengthen its regional sales effort." (6/7/2018)

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"Iran’s ATA Air has received its first light passenger jet from Embraer, a Brazilian aerospace company." (December 17, 2017) 

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"Iran’s ATA Airlines has reached an agreement with Brazilian planemaker Embraer to purchase 10 new passenger planes, the carrier confirmed over the telephone to the Financial Tribune." (May 15, 2017) 

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"The OFAC team's briefing coincided with a visit to Brazil by an Iranian mission headed by Finance Minister Ali Tayebnia seeking to advance trade deals. Brazil's Embraer, the world's third largest maker of commercial planes, is in talks to sell Iran at least 20 of its E-195 jets worth over $1 billion as the Middle Eastern country moves to renew its aging airline fleets. Embraer still requires a U.S. license for the sale to Iran of sensitive jet engine technology in its planes... Brazilian bus maker Marcopolo SA is also looking to sell hundreds of vehicles to Iran. The company declined to comment." (Reuters, "U.S. Treasury reassures Brazil banks trade with Iran OK," 11/28/2016).

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"Brazilian companies such as Embraer SA and Marcopolo SA are scrambling to close multi billion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi Rounagh, a senior official at Iran's Foreign Ministry and until recently deputy ambassador in Brasilia. The problem is that Brazilian banks are reluctant to deal with Iran for fear of penalties by the U.S., even after Washington lifted restrictions on non-U.S. banks. Their concern is that their U.S. assets and subsidiaries could classify them as U.S. banks, according to two senior bank executives in Brasilia. Business and government officials say Brazil must try harder to find alternatives, such as using smaller European banks that don't operate in the U.S." (Bloomberg,  "Embraer and Marcopolo Lead Brazil Struggle to Sell to Iran," 10/5/2016).

In its 2019 20-F Annual report Form, Brasil Foods reported: "In 2019, we won a tender process for a one-time contract to supply up to a maximum of 1,500 metric tons of agricultural commodities to a livestock product and feedstuff company in Iran, which we understand to be affiliated with the Government of Iran.  Sales consisted of 367.027 metric tons of frozen chicken.  This limited business was conducted by a non-U.S. affiliate of the Company. The turnover from these sales was €467,959.48, representing less than 0.006% of our global revenue for the year ended December 31, 2019.  Sales were pursuant to a single contract for the supply of agricultural commodities and are expected to continue pursuant to the terms of that contract until the maximum value of 1,500 metric tons of frozen chicken is reached."

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In its 2009 20-F Annual Report Form, Brasil Foods reports that its subsidiary Sadia is company registered in Iran:

 “In 2009, we entered into a business combination with Sadia, and Sadia became our wholly-owned subsidiary.

The Sadia trademark is registered in more than 90 countries in the Middle East, the Caucasus and Latin America, including Saudi Arabia, United Arab Emirates, Egypt, Bahrain, Yemen, Iran, Iraq, Israel, Lebanon and Oman.” (SEC, 2010 20-F Annual Report Form) 

In its May 2010 6-K report form, Braskem reports that operational problems in Iran may affect the company’s profitability:

"The outlook for the medium term is less favorable, as the industry expects the new capacity coming online in the Middle East and Asia to pressure profitability in the world petrochemical industry as of the second half of this year, since the additional capacity announced exceeds the expected growth in demand. However, various factors could minimize the impact from these new players and maintain industry profitability at levels above current expectations, such as: (i) continued operational problems in Iran, where crackers have operated at rates of around 50% since their start-up (2005); (ii) project and commissioning delays at these new capacities; (iii) the lack of qualified labor; (iv) problems with the supply of natural gas feedstock, such as in Qatar; and (v) stronger growth in world demand." (SEC, May 2010 6-K Report Form, 5/14/10)

The Iranian branch of WEG (Company Website)

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"Since years, Patent Power Dept. is working as the exclusive representative of WEG," The Iranian Agent of WEG (Patent Co. Ltd.)

"Petrobras may assist Iran with development of the South Pars field oil layer in the Persian Gulf, according to a report by news service Shana. This follows recent talks in Tehran between Brazil’s Minister of Mines and Energy, Fernando Coelho Filho, and Iran’s Minister of Petroleum, Bijan Zangeneh." (october 10, 2017).

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"Iran’s oil minister Bijan Namdar Zanganeh invited Brazilian oil companies to take part in Iran’s offshore oil and gas projects, SHANA news agency reported Dec. 4. Zanganeh made the remarks on the sidelines of a meeting with Brazil's Minister of Mines and Energy Fernando Coelho Filho in Tehran. The Iranian minister said that Brazilian companies, in particular Petrobras have very good experience in exploration and development of oil fields in deep waters. Iran needs this experience for its oil projects in Caspian Sea, Zanganeh added." (Trend News Agency,  "Brazilian Petrobras to contribute to Iran's offshore oil projects," 12/4/2016).

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“Brazilian state oil company Petrobras has closed its office in Tehran. Brazilian Ambassador to Tehran Santiago Irazabal Mourao said for the time being Petrobras has no intention to return to the Iranian market, Iran's Mehr news agency reported on May 27. ’Petrobras focused on developing oil and gas projects in Brazil,’ he added. ‘However, the company is obliged to its contract with the National Iranian Oil Company to explore for oil in the Persian Gulf,’ he noted. In 2009, Petrobras said the exploration of an Iranian oil block in the Persian Gulf would prove its development to be not commercially feasible. Petrobras also said it had decided not to continue with an exploration project in the Caspian Sea in northern Iran. Petrobras International Director Jorge Zelada said that the offshore Tusan block in the Persian Gulf was geologically unappealing, according to Reuters report. Zelada also explained that the company would not begin exploration in a block in the Caspian Sea because it appeared to hold mostly natural gas, rather than oil, in an area that did not have the necessary infrastructure for gas production. ‘There is no Petrobras exploration activity in the Caspian Sea. There was an opportunity that Petrobras reviewed and decided not to continue with,’ he said.” (Trend, “Brazilian state oil company Petrobras closes office in Tehran,” 5/27/14)

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Despite a lack of current investments in Iran, Brazilian state-controlled oil giant Petrobras (PBR, PETR4.BR) will keep its office running in that country for the foreseeable future, Petrobras President Jose Sergio Gabrielli said Monday...

In the past few years, Petrobras has worked in partnership with Iran's government in oil development on Iranian soil. Petrobras has made total investments in Iran of some $30 million, but test wells drilled by Petrobras have failed to come up with commercially significant oil volumes.

Gabrielli did not elaborate on the company's decision to maintain its office in Iran, despite the lack of any current investment program there. He said the decision was 'an internal matter.'" (Dow Jones Newswires, "Brazil Oil Giant Petrobras To Keep Iran Office -Estado," 4/12/10)

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The New York Times lists Petrobras business "on hold" and that its business in the country may constitute a violation of the Iran Sanctions Act. From 2000 to March 2010, Petrobras has been the recipient of $2 billion in U.S. federal funds.

"Petrobras, a state owned oil company in Brazil, invested $100 million to explore Iran's offshore oil prospects in the Persian Gulf. It has also received a large loan from the Export Import Bank to develop offshore oil reserves discovered off the coast of Brazil. Diogo Almeida, the economic attaché at the Brazilian Embassy in Iran, said the company is in talks with the Iranians about future oil and gas development projects, but first must determine how much of its resources it wants to devote to the Brazilian discovery. I.A. 'Tony' Piazza, managing director of Petrobras Middle East B.V. - Iran, confirmed that the company remains interested in doing business in Iran." (The New York Times, "Profiting From Iran, and the U.S.", 3/12/10)
 

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"Brazil's state oil company Petrobras expects exploration of an Iranian block will yield disappointing results, a company director said on Friday, adding another Iranian block has shown similarly dim prospects... Petrobras invested around $100 million to drill two wells in Tusan and in February said it had found signs of oil." (Reuters, "Brazil's Petrobras sees few prospects for Iran oil," 7/3/09)

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"The enormous New York State Common Retirement Fund plans to divest $86.2 million in investments from nine companies doing business in Sudan and Iran...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries.'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli.  The fund plans to divest out of $86 million in Gazprom (OGZPY), Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp (500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO), Wartsila OYJ and Sinopec Corp. DiNapoli said the firms were chosen because 'they failed to respond or we were not satisfied with their responses' when asked to provide information to the fund on the investments and their risks." (Dow Jones Newswires, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09)

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While Petrobras had a modest $35-million invested in an Iranian oil drilling company, as far as they knew, Florida had no investments in Petrobras. Except for a few ruffled feathers - Petrobras officials were taken aback by the scolding from a politician on only his second overseas trip - that seemed like the end of the saga. Now the St. Petersburg Times has learned that the Florida pension fund has $111,919,435 in foreign equity assets invested in Petrobras, according to the State Board of Administration, which manages the state's investments. The miscalculation could have serious repercussions for the relationship between Petrobras and the state. Under Florida law, Petrobras has until September 2008 to sever its ties with Iran before state officials would be forced to withdraw the $112-million investment in Petrobras." (St. Petersburg Times, "State Pensions, Brazil's Oil and Iran Entangles," December 10, 2007)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror. Removed from the Internet in July 2007)

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"Petrobras, the Brazilian oil giant, has signed a $34 million deal to drill in the Iranian part of the Caspian Sea, the second deal the company has made in the last year, a company executive said. Last year, Iran's government-owned National Iranian Oil Company granted Petrobras a license to explore a 3,200-square-mile area of the Persian Gulf." (The New York Times, "Petrobras To Drill In Caspian," July 7, 2004)