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.
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.
"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)