China Railway Engineering Corporation
State-owned China Railway Engineering Corp is building a 415 km (260 mile) high-speed north-south rail line between Tehran and Isfahan via Qom, while China Railway Construction (1186.HK) 601186.HK Corp in January said one of its units had won a 3.53 billion yuan contract to build a railway between Kermanshah and Khosravi. (3/20/2018).
In 2016, CalSTRS designated China Railway Group as “Under Review” for potentially having ties to Iran. In 2017, CalSTRS designated China Railway Group as “Being Monitored” and maintained that designation in 2018. In 2016, news reports indicated China Railway Group signed a $2 billion investment agreement, including the construction of a 350,000 ton smelter, a 500 megawatt power station and an anode project.
"The company signed another deal in July 2018 with Iran’s Ahvaz Municipality to build the city’s second subway line, according to an Iranian press report." (“Chinese, French, Italian firms sign MoUs to develop projects in southwestern Iran,” Trend News Agency (Azerbaijan), July 9, 2018.)
"Italferr, a unit of Italy's Gruppo FS Italiane, said in March 2016 it had signed a four-month, 700,000 euro consultancy contract with Iran's state railway entity on a high-speed rail line. Iranian officials have said Khatam al-Anbiya, an IRGC subsidiary sanctioned by the United States, is the Iranian contractor on the project. Italferr named only Chinese company China Railway Engineering Corp. (CREC) as the contractor, and did not mention Khatam al-Anbiya. Officials with Italferr, CREC, and Khatam al-Anbiya did not respond to requests for comment. The IRGC declined to comment.($1 = 0.9362 euros)." (Reuters, "Post-Sanctions Deals with Iranian Firms Linked to Khamenei," 1/19/2017).