Energy, Engineering
South Korea

Kiswel attended Iran’s 19th annual international oil and gas show between May 6-9. (Press TV, “Foreign firms rushing towards Iran's oil market,” 5/6/14) 


"Foreign firms dealing with Iran's oil and gas sector admit that severe Western sanctions are taking their toll on business, despite Tehran talking up its ambitions at the opening of an international industry exhibition this week. The International Oil, Gas, Refining and Petrochemical Exhibition, held in northern Tehran, was three-quarters filled by Iranian companies working at every level of the industry, from the biggest to ones involved in peripheral activities such as instruments, quality inspections and oil barrel manufacturing. There were 315 foreign stands, down from the 496 present at last year's trade show. Some of the biggest foreign companies that had been major partners in the industry, such as the Anglo-Dutch group Shell and Italy's ENI, were not present. Others, such as the China Petroleum Technology and Development Corporation, the French-Iranian joint venture Beh Total and Norway's Statoil, did have stands -- but representatives there told AFP they had been instructed by their bosses to give no comments at all to journalists...Seung-Hwan Jung, an export manager for Kiswel, a South Korean welding parts firm partnered for years with an Iranian company, was one of the few foreigners to speak on the record. His company's dealings with the country were "good" but were hobbled by the "political problems," he said. Stepping in to fill a vacuum left by departing German companies, Kiswel has doubled its Iran earnings projection to $1.5 million compared to last year, he said. 'We want to be number one in the market, up from maybe 3rd of 4th last year," he said. He added: "Iran can't do everything by itself. It needs reserves from other countries.'" (Agence France-Press, "Foreign firms say times tough in Iran's energy sector," 4/18/12)