GS E&C

Construction
KRX: 006360
South Korea
GS E&C

[email protected]

GS Group

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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"For South Korean builders such as GS Engineering & Construction Corp, a deal would give a lift for a sector buffeted by sluggish demand in the Middle East, the industry's biggest market. Shares in GS E&C, which walked away from a $1.2 billion project in Iran five years ago as sanctions escalated, gained nearly 5 per cent on Wednesday, and South Korea's construction index ended nearly 3 per cent higher on hopes the Iran deal will generate new business. 'When the Iranian nuclear agreement is reached and sanctions are lifted, we plan to actively re-enter Iran's construction market,' said Huh Tai-youll, a GS E&C spokesman." (NDTV, "Asia Inc Looks to Post-Sanctions Iran for Demand Spurt," 7/15/15)

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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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“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)